Prime Minister, Dr. Manmohan Singh today said the Government is committed to provide a conducive environment for growth and development of corporate sector in the country. Addressing a function at the Indian Institute of Corporate Affairs in Manesar in Haryana, Dr. Singh, a transparent customer friendly and non-cumbersome environment is needed for growth of the entrepreneurship . The Prime Minister said, his Government is committed to have a regulatory and policy environment which will unleash creative energies and fulfill the expectations of the founding fathers of the Republic.Dr.Singh expressed the hope that the new Companies Bill, which seeks to update corporate law and promote Corporate Social Responsibility, will be
passed by Parliament shortly.The new Companies Bill, will replace the Companies Act 1956 and make it mandatory for firms to maintain their documents in electronic format. It also introduces the concept of e-governance, makes provision for encouraging ethical corporate behaviour and rewards employees for their integrity.
The Prime Minister said, during the last two decades economy has grown at unprecedented high rates and the corporate sector has been one of the major drivers of this high economic growth .He added that the sector has expanded rapidly in size, commensurate with the growth of our economy.
Dr. Singh said, he was confident that Indian companies and businesses can set global examples of how the corporate sector can contribute towards the achievement of equity, distributive justice and overall inclusive growth.