Mumbai:
The government proposes to set up regulatory authorities
for petroleum, civil aviation and railways on the lines
of market regulators in the financial, commodities, telecommunications
sectors which are now in place, finance minister P Chidambaram
said.
Speaking
at the 14th annual convocation of the National Law School
of India in Bangalore, he said the regulators for competition
policy and pension are in different stages of formulation.
"Some
more, like in petroleum, civil aviation and railways are
under consideration", he said. "The list is
a long one and is expected to grow longer," he added.
Chidambaram
said there is an urgent need for taking up legal reforms.
Some of the old laws are inconsistent with modern economy.
"Old laws can have clauses that are incompatible
with the modern economy," he pointed out, adding,
"many inconsistencies have crept in" over the
time.
According
to him, these Acts should be reviewed at least once every
five years. "These kinds of retailing prescriptions
are inconsistent with the process of economic reforms,"
he said.
|