Government sets up 21-member panel to improve business climate

NEW DELHI: The government today set up a 21-member panel, including representatives from the government and regulatory authorities as also industry leaders like Anand Mahindra and Kumar Mangalam Birla, to suggest ways for reforming regulatory environment for doing business in India.

The panel has been set up at a time when concerns are being raised by the industry and investors, from India and abroad, about perception of policy paralysis and lack of required economic reforms.

The committee, headed by former Securities and Exchange Board of India (Sebi) chairman M Damodaran, would prepare a detailed report within six months and submit the same to the government, the Ministry of Corporate Affairs (MCA) said in a press release.

"There is a need to conduct an in-depth study into the entire gamut of regulatory framework and come out with a detailed roadmap for improving the climate of business in India in a time bound manner," the release said.

Besides, Mahindra Group chairman Anand Mahindra and Aditya Birla Group Chairman Kumar Mangalam Birla, other panel members include ITC Chairman Y C Deveshwar, Tata Sons Director Ishaant Hussain and Teri Vice-Chairman R K Pachauri.

There would also be representatives from Sebi, Reserve Bank of India (RBI) and the Ministries of Corporate Affairs, Finance, Power, Petroleum, Highways, Commerce and Industry and Urban Development.

Easing of business environment mandates extensive examination of regulations in different areas such as financial and governance reforms and liberalised policy framework, MCA said.