labels: industry - general, economy - general
Government plans regulators for petroleum, civil aviation and railwaysnews
28 August 2006

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.


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Government plans regulators for petroleum, civil aviation and railways