Government formulating Regulatory Reform Law for various sectors of infrastructure

NEW DELHI: To bring in a cogency of approach across various sectors in infrastructure, the government is formulating a Regulatory Reform Law, Parliament was informed today.

In the Union Budget 2015-16, the government had proposed to introduce a Regulatory Reform Law that will bring about a cogency of approach across various sectors of infrastructure, Minister of State for Planning Rao Inderjit Singh said in a written reply to Lok Sabha.

"The Law is presently under formulation," he said.

Singh was replying to a query whether the government proposes to revive the Regulatory Reforms Bill that aims to make regulators accountable to legislature.

In a consultation paper on Regulatory Reform Law, NITI Aayog had said that to achieve a high GDP growth rate of 8-9 per cent on a sustained basis, there would be a need to create quality infrastructure.

The infrastructure development include highways, ports, airports, electricity generation plants and transmission & distribution networks and telecommunication network on a large scale in the country.

"This would require increased investment by the private sector, as public sector funds alone may not be sufficient," NITI Aayog had said.

On the same, the NITI Aayog had invited comments by July 15, 2015 and on the basis of feedback received, the draft Bill would be finalised.

Thereafter, necessary approvals as per laid down procedures would be obtained for its enactment.