Chennai: Disinvestment Minister Arun Shourie today (Mar 23, 2004) called for better preparedness on the part of the Indian economy to face the emerging challenges of the world economy.

Speaking at the 10th anniversary celebrations of the financial daily 'Business Line' in Chennai this evening, he said this included the essential function of the State to anticipate and prepare the economy to face the impact of the forthcoming developments like the end of the quota regime and emergence of Association of South East Asian Nations (ASEAN) regional co-operation bloc.

"Liberalisation must not become an alibi for being asleep on one's watch," he said.

Referring to regulatory bodies in several sectors, he said conventions were still to be formed and their roles still to be accepted.

The apprehensions of the executive as to whether regulatory authorities were emerging as super-Government and legislature's protests against recommendations of regulatory authorities like Telecom Regulatory Authority of India (TRAI) needed to be addressed.