Inaugurating a Conference in New Delhi, on economic growth and changes of corporate environment in Asia, Dr. Singh stressed on the need for creating a climate that encourages investments and promotes inclusive and sustainable development. The Prime Minister also stressed on the responsibility of the Corporate sector in fulfilling social responsibilities to ensure inclusiveness. He stressed for maintaining highest standards in the Corporate governance by inculcating probity, transparency and accountability. The Prime Minister pointed out that inclusiveness is fundamental to sustainable development and the framers of the Indian constitution and Dr. Baba Saheb Ambedkar had visualized a bright and prosperous economic future for all citizens.
The prime minister said, the resistance against important economic decisions felt now, is not any different than in 1991 when the country unshackled itself from the license Raj. Reiterating the need for economic reforms, Dr. Singh said, time will prove that the hard decisions were taken in national interest.
The Prime Minster said, Asian countries are expected to become the engine of growth for the region and contribute towards economic stability in the back drop of the global slow down. Dr. Singh said, the Asian region and especially India has been able to weather the impact of the economic crisis without facing difficulties.
The Prime minister said, the Parliament is also working towards fine tuning the laws of the country to facilitate suitable economic environment and to ensure development and inclusiveness. The Prime Minister said, the government will soon bring the Companies bill in Parliament. Dr. Singh said, the Governments in Asia have the responsibility to ensure that corporate laws match up to international standards and the regulation of stock exchanges meets expectations of global investors. He said, the banking financial sectors should be exemplars of both efficiency and stability.
Dr. Singh pointed out that judicial decisions have transnational impact. He said, Judges these days are also having to also play the role of social activists, political thinkers and philosophers for the common good.
The Chief Justice of India Justice S.H Kapadia who spoke on the occasion stressed on the need for fine tuning existing laws to promote economic democracy to meet the growing aspirations of the youth. He said, without economic democracy, political democracy will be in peril in the country.
