New Delhi: Pledging to pursue labour reforms vigorously, Prime Minister Atal Behari
Vajpayee on July 10 asked the Indian industry to reform itself by practising
principles of good corporate governance.
"Recent reports of accounting scandals elsewhere in the world are beginning to worry
a lot of people about the bombshell hidden in the boom time economy. We cannot allow
people's faith in economic liberalisation to be shattered by those who do business
with an ethical deficit," Vajpayee said in his opening remarks at the meeting of his
Council on Trade and Industry.
On the issue of reforms, Vajpayee said, "For the Indian industry and the economy to
rise to their full potential, it is not enough for the government alone to reform
its policies and practices.
"Business too must reform themselves. The principle of good corporate governance is
the touchstone of your commitment to reforms."
On labour reforms, Vajpayee said the Cabinet has decided to vigorously pursue labour
reforms.
Stating that the report of the 2nd Labour Commission has been received, the Prime
Minister appealed to all major political parties for consensus on labour reforms in
order to give effect to consensus through appropriate legislations.
Stating that the process of disinvestment has crystalised into a transparent
process, Prime Minister said, "We will further accelerate disinvestment of PSU,
except those in strategic sector. We will relinquish government involvement in
production and raise resources for development of our social sector."
Vajpayee said despite the situation on the border neither the pace of economic and
neither policy reforms nor the implementation of key infrastructure projects had
slowed down in any way.
Convergence Bill for Telecom and IT, Competition Bill, the Patent Bill, the
amendment to the Civil Procedure Code, the ordinance for securitisation and
reconstruction of financial assets and enforcement of security interests are some
examples of legislations accomplished or under way, he said.
He also appealed to political parties to help conclude the legislative agenda fully
in the forthcoming monsoon session of Parliament.
PTI
