•A regulator can permit new pension funds and create the framework for them to operate in a transparent environment

Free trade agreements: Walk the distance

Asean: Differences over import duties on palm oil and crude petroleum from Malaysia and Indonesia are two irritants. However, the agreement is likely by year-end

Sri Lanka: The pact was supposed to be signed at the Saarc Summit later this year, but has been indefinitely postponed because of disagreements over negative lists and the services in which trade should be liberalised

European Union: EU wants India to further open up its markets. The stance of both the parties is the same as in the WTO. Pact likely by year-end.

Thailand: Negotiations on the backburner since we are already talking to Asean. Issues of taxation and value-addition norms are also stalling the deal

Retail: In the cold storage

• Phased relaxation of FDI norms for the $330-billion retail sector is on hold

• While FDI in single-brand retail is allowed, it is still prohibited in multi-brand retailing

• Currently, 100 per cent FDI is permitted in wholesale retail businesses and back-end operations whereas for single-brand retailing, FDI cap is 51 per cent

Labour: Work up reforms

• Unorganised Sector Worker's Social Security Bill, estimated to benefit 30 crore workers, is pending in the Parliament

• Also pending is Unorganised Sector Workers (Conditions of Work and Livelihood Promotion) Bill that aims to provide basic minimum standard on hours of work, payment of minimum wages, bonded labour and child labor

... contd.