PM Manmohan Singh for building climate that attract investments

NEW DELHI: Prime Minister Manmohan Singh today favoured building a climate that attracts investments and establish fair and effective regulatory institutions on legal processes.

Addressing a Conference on Economic Growth in Asia and Changes of Corporate Environment, he said the government is bracing to meet international standards in corporate laws and will soon bring before Parliament the new Companies Bill.

"We must build a climate that attracts investment and encourages and rewards innovation, and establish fair and effective regulatory institutions and also legal processes. Above all, we have the responsibility to ensure probity, transparency and accountability in processes of governance," he said at the conference.

In response to transformational changes of this century, the Prime Minister said government was examining many of the commercial and corporate laws to make them relevant to the challenges that lie ahead, particularly for ensuring distributive equities and empowerment of the marginalised sections of our society.

"Increasing use of this word inclusive is indication of this new emphasis on equity in economic and social processes."

He said new laws in areas such as regulation of securities market, competition and limited liability partnerships have been put in place.

"We will soon bring before Parliament the new Companies Bill that has been in the making for quite some time now," the Prime Minister told the audience that included delegates from Korea, Chief Justice of India S H Kapadia, CJI designate Altamas Kabir, Law Minister Salman Khurshid.