Government to develop index for business development

The government plans to develop a business development index based on economic parameters to reflect the strength of Indian corporate sector.

Corporate affairs minister Veerappa Moily today said a credible agency would be entrusted with the task of developing the index.

"This index will be based on robust economic parameters that will reflect the true strength of corporate sector," Moily said at a function organised by the Institute of Company Secretaries of India.

Moily also said that in the recent past there had been much pessimism in the industry.

The proposal comes against the backdrop of rising concerns over the overall investment climate in the country in the investor community .

He added, the ministry of corporate affairs would draw up a sustainability reporting framework for companies in a "couple of weeks".