Government is committed to providing an enlightened regulatory framework for facilitating corporate growth in the country. Addressing a function on corporate governance in New Delhi this morning, the Corporate Affairs Minister Dr. Veerappa Moily elaborated that the step has become necessary as some Indian Companies are not doing well in the ranking given by the world Bank in terms of ease of doing Business in India. He said, it is felt appropriate to examine the issues responsible for such discouraging scenario. The Minister informed that a committee is being formed comprising members from all relevant sectors doing business in India. The aim is to have a measurable target in terms of improvement in the rankings within a period of next 3 to 5 years and place India at one of the top five positions with zero hassles.Dr. Moily further expressed hope that the Companies Bill 2011 will have an easy passage in the Parliament as there is not much difference of opinion between the Ministery and the standing committee reccomendations. The draft Bill has been modified on the recommendations of the Parliamentary standing committee and the final version will be placed before the Cabinet after due consultations from other stakeholders. After that ,it will be presented before Parliament. The Bill envisages several reforms in the corporate governance.The government is also planning to come out with a business development index based on economic parameters to reflect the strength of Indian corporate sector.Dr.Moily said a credible agency will be entrusted with the work of developing the index. The proposal comes against the backdrop of rising concerns among the investor community over the overall investment climate in the country.Dr. Moily said the Ministry of Corporate Affairs would becoming out with sustainability reporting framework forcompanies in a couple of weeks.The minister also said radical solutions on a massive scale are needed to tackle social and economical problem.