Thrust areas for 2003-04 cleared
New Delhi: The Indian parliament has cleared the 'priority agenda', the list of thrust areas for 2003-04, which relates to schemes, objectives as well as policy issues. Out of the list of 47 priority/thrust areas related to schemes and objectives, seven schemes will be monitored by the prime minister.

Around 40 items relating to objectives will be monitored by the Committee of Secretaries. The Cabinet approved a list of 115 priority or thrust items related to policy issues. Out of these, 23 will be monitored by the prime minister while the remaining 92 will be done by the Committee of Secretaries.
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Meet discusses textile recast scheme
New Delhi: Headed by Planning Commission member N K Singh, a senior-level meeting discussed the industry's views on the Rs 5,000-crore textile recast fund scheme prepared by the global consulting company, Deloitte Haskins & Sells. The meet was attended by the secretaries of textiles and banking, public financial institutions, major banks and office-bearers of the Indian Cotton Mills Federation (ICMF).

Sources told new reporters that there will be inter-ministerial consultations before a formal decision is taken on the scheme spread over 15 years for viable and potentially viable units. The scheme, prepared in consultation with the ICMF, seeks to reduce the current interest rates to 7 per cent and increase the repayment period for high cost loans estimated at about Rs 10,000 crore.
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FICC opposes Companies Act
New Delhi: The Federation of Indian Chambers of Commerce and Industry (FICCI) wants the bill proposing amendments to the Companies Act be referred to the select committee of the parliament. FICCI, in a memorandum on the Companies (Amendment) Bill 2003, has said: "The proposed law, in its present form will create unnecessary hurdles in the smooth functioning of the corporate sector, increase compliance cost, increase interaction and interface with the department and representatives of the industry without raising the standard of corporate governance."

The memorandum was submitted to the department of company affairs, the finance ministry and the law ministry. The Companies (Amendment) Bill, introduced in the Rajya Sabha in May, proposes to insert 16 new sections; substitutes 34 existing sections, amends 123 sections and delete 21 sections. The memorandum adds: "As such, the surgery has been done in as many as 157 existing sections so as to serve the corporate enterprises, their stake holders and deal with fraudulent corporate and debenture trustees efficiently and effectively."
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