Need to speed up financial reforms

With the financial markets using advanced technologies moving at a rapid pace, the need for faster implementation of financial sector reforms is necessary, union finance minister P Chidambaram said here in Chennai on Monday. "In the finance ministry we believe the financial sector gets less than appropriate policy attention. The political discourse pays less than the deserved attention towards policy in the sector," he said. While five key reforms were introduced over the past six months, including the new Companies Act, the PFRDA Bill and one on commodities futures trading, Chidarnbaram said these were work in progress for many years. The financial sector operates in speed and dynamism, and generates new space, sometimes undefined areas, which provide opportunities for unregulated players in the market. "The existence of such players who operate in the twilight zone endanger the discipline of the markets leading to systemic instability. Invariably, such activities adversely impact a large number of consumers," Chidarnbaram said. Finance Minister's concerns are well placed. In the midst of unending political activities the economic and esp. financial policies take a back seat and consensus among national and regional political parties is a mere impossibilty. Indian democracy and its institutions are to grow much more to attain such a maturity and ensure perpetuity of policies in national interest in the long term. Ref : TIMES GLOBAL ( TOI, CHENNAI) Tuesday, OCT.1, 2013 +++++++++++++++++++++++++++++++++++++++++++++++++++