The Corporate Affairs Minister, Mr Veerappa Moily, on Friday said that with the Prime Minister taking over the Finance portfolio, he expects passage of big ticket reforms soon.
Speaking on the sidelines of an Assocham conference, he said that reforms such as FDI in retail, will get priority of the Prime Minister who now has assumed charge of the Finance Ministry.
“I expect the priority of the Prime Minister will be to get big ticket reforms bills (like FDI in retail) passed in Parliament,” he said.
Mr Moily added that the Prime Ministry will push through legislations like the Provident Funds Bill, Insurance Reforms Bill and Labour Reforms Bill, which are pending before Parliament.
On the issue of FDI in retail, he said appropriate remuneration to farmers and producers would be provided as the demand and supply would become balanced.
To tackle corporate frauds, Mr Moily said that the Serious Frauds Investigation Office (SFIO) will soon be strengthened and given status powers.
On the issue of Reebok fraud case, he said: “We (union government) have given four months for SFIO to investigate and give us a report on the matter. “Maybe within two months SFIO may come out with a report.”
Referring to delays in investigation and prosecution in corporate fraud cases, Mr Moily said that soon specialised courts would be established to try only the fraud cases, to ensure that all corporate fraud cases are investigated and prosecuted within a reasonable time.
Mr Moily said that the Government was in the process of putting up a slew of measures which would usher in a regime of ‘Enlightened Regulation’.
venkatesh.ganesh@thehindu.co.in