PM's reform pitch: Must build climate to attract investment

A man took off his shirt and stood on a desk shouted slogans against Prime Minister Manmohan Singh as he got up to deliver his address at an international conference here. The man, identified as lawyer Santosh Kumar Suman (32), a member of the Supreme Court Bar Association, stood on the desk, took off his shirt and shouted, "Prime Minister, go back. Roll back diesel prices."

The Prime Minister waited for a while at the rostrum as security officials took the lone protester out of the plenary hall of Vigyan Bhawan.

Security personnel immediately whisked the lawyer out of the venue.

The Prime Minister said he favoured building a climate that attracts investments and establish fair and effective regulatory institutions on legal processes.

Addressing a Conference on Economic Growth in Asia and Changes of Corporate Environment, he said the government is bracing to meet international standards in corporate laws and will soon bring before Parliament the new Companies Bill.

"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 at the conference.

In response to transformational changes of this century, the Prime Minister said government was examining many of the commercial and corporate laws to make them relevant to the challenges that lie ahead, particularly for ensuring distributive equities and empowerment of the marginalised sections of our society.

"Increasing use of this word inclusive is indication of this new emphasis on equity in economic and social processes."

He said new laws in areas such as regulation of securities market, competition and limited liability partnerships have been put in place.

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