Corporate affairs minister Veerappa Moily is all set to bring big bang reforms in the corporate world in a bid to let them grow globally. He has a lot on his platter as the new Companies Bill is pending in the Cabinet and plans are afoot to take competition policy to the Cabinet by December.
The competition policy is also being framed. When would that see the light of the day?
We have held consultations in Delhi and Mumbai and by the end of November the consultation process would conclude. I hope to take it to the Cabinet by the end of December. Competition policy will promote fair competition among firms while nurturing the smaller companies and those related to agriculture marketing societies. The move would ease the supply side constraint and help in controlling rising inflation in the long run. The policy once in place would ensure a healthy demand and supply balance. I want a holistic approach for competition policy. After the 1991 liberalisation policy, the competition policy will be the big bang reform.
The new Companies Bill too has not been taken up in Parliament during the last session. When can we expect the Cabinet to
We sent it to the Cabinet about 15 days ago and we are hoping it would get cleared anytime now. We are ready and we would put it up in parliament during the Winter session.
While the Bill stresses on companies to appoint woman directors, a section of the society felt that merit should drive appointments on the board?
We must be gender sensitive. We would want to see companies having at least one woman director on their boards, a beginning must be made.
What would be your role in taking India Inc to the next level?
My approach would be to build trust and cement the relationship between the government and corporates, while reducing red tapism. Companies must be allowed to take their own decisions and we must allow them to grow not only within the country but also globally. I want to provide them a huge trajectory in this respect. Policing is not the answer, there should be self regulation.