The government may soon announce measures to strengthen the corporate bond market in line with the recommendations of the Patil Committee, Prithviraj Chavan, Minister of State in the Prime Minister's Office, said on Wednesday while speaking at the annual general meeting of the Associated Chamber of Commerce and Industry (Assocham. Chauhan said the government is trying to ensure that the futures trading is well regulated.
“We should be seeing something (on these lines) in the next budget," Chavan said and added that the government would ensure that the commodity market was as well regulated as the financial markets.
Chavan also pointed that the government would also explore ways to give more teeth to the Forward Markets Commission in the forthcoming Budget to strengthen the regulatory mechanism in futures commodity trading.
Reacting to industry criticism on the proposed pharmaceutical policy, Chavan said, from the reactions of industry it appeared that the proposed pharmaceutical policy brings back the licence raj and added that the government was sensitive to such criticism.
"We will try to do our best to see as to how pharma can be bought at par with IT (information technology)," he said.
Allaying fears of the pharma industry and the general public on pricing in the pharmaceutical policy, Chavan said the government would take adequate measures on pricing issue of essential drugs to enable that masses have an easy access to them, while protecting genuine business interests of the domestic pharmaceuticals industry.
Chavan, however, did not specify a particular time frame by when the new Mining and Pharmaceutical Policy would be put in place. Sajjan Jindal, senior vice president, Assocham, in his address demanded an early announcement of the proposed new mining policy, seeking a ban on iron ore exports to help domestic business undertake their steel capacity extension programme.