PM: Govt bringing up corporate laws to meet global standards
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Prime Minister Manmohan Singh on Saturday said that his government favoured a climate that attracts investments and underlined the need to establish fair and effective regulatory institutions and legal processes.
"We must build a climate that attracts investment and encourages and rewards innovation, and establish fair and effective regulatory institutions and also legal processes. Above all, we have the responsibility to ensure probity, transparency and accountability in processes of governance," he said in his address at the conference on 'Economic Growth in Asia and Changes of Corporate Environment'.
The Prime Minister added that the government was working on meeting international standards in corporate laws and is examining commercial and corporate laws to make them relevant to the challenges that lie ahead.
He also said the government would soon bring before Parliament the "new Companies Bill that has been in the making for quite some time now".
On the issue of role to be played by organs of the state in ensuring an inclusive society, he said, "The evolving economic space has to be addressed by all organs of the government: the executive, legislature and the judiciary.
"Whilst Parliament has endeavoured to give expression to the aspirations of the people, the higher judiciary in India has made the most remarkable innovations in the field of public law using instruments like Judicial Review of Administrative action and Public Interest or Social Action Litigation to both enforce constitutional mandates as well as to amplify the Constitution's philosophy in a meaningful manner."
Singh also said that the balance between the three organs of the state — legislature, executive and judiciary — "may appear to get unsettled at times but ultimately it has stood the test of time".
"Separation of powers has been the classical guarantee of constitutional government and the rule of law."
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