SCOPE launches Economic Forum to suggest reforms

Public sector body SCOPE has launched an Economic Forum to recommend innovative policy reforms to the government and take up issues pertaining to various sectors, with primary focus on PSUs.
The SCOPE Economic Forum (SEF) also proposes to hold the Indian Economic Summit annually in line with World Economic Summit. The first such Economic Summit will be held in 2016.
The SEF shall approach the Secretariat of World Economic Forum (Davos) to have seamless interaction on economic issues with the Forum. In due course of time, the SEF will move towards affiliation with the World Economic Forum (WEF).
The Forum will take up economic issues pertaining to various sectors like energy, oil & gas, steel, manufacturing, logistic & infrastructure services, world trade, construction, technology and community relations etc. It will also undertake studies and research in economic policies.

"The purpose is to recommend policy actions to the government for consideration. The focus will be on PSUs and issues concerning them," SCOPE Director General U D Choubey told reporters here.
"The SEF will meet periodically on one subject at a time. The first meeting of the SEF to be held in January 2015 will focus on the power sector as this sector needs reforms heavily," he added.

The SEF will have five patrons including Chairman of SCOPE. The remaining four patrons will be drawn from outside. Public Enterprises Selection Board (PESB) Chairman Atul Chaturvedi has agreed to become one of the patrons. It will also have a 12 member advisory board drawn from various areas.

"Developing better understanding of domestic and global economic environment is imperative in the present times for the CPSEs to achieve global benchmarks in a seamless world of business," Chaturvedi said.
The SEF is expected to meet periodically to brainstorm on specific issues wherein experts from the field will participate before a recommendation is made to the government.
On whether the new corporate social responsibility (CSR) guidelines will negatively affect PSUs, Choubey said: "There is no question of them adversely affecting the PSUs. It is going to enhance the brand PSUs as such because they are already contributing around 2 per cent of their net profit (towards CSR).

Under the new laws that govern companies, spending on CSR or social welfare activities is mandatory for certain class of firms. They are required to shell out at least 2 per cent of their three-year average annual profit towards such works.