A recent news report (http://goo.gl/Z3BllG ) talked of Prime Minister (PM) Narendra Modi putting his weight behind the rewriting of the Indian financial sector laws. It spoke of the President alerting the PM in early October this year of the shoddy progress being made in implementation of the financial sector reform initiated when Pranab Mukherjee was finance minister in 2010. The story reported that the purge in the Ministry of Finance of bureaucrats last month was due to them stonewalling this reform. Curiously, some of the bureaucrats transferred out were actually pushing really hard at getting the Indian Financial Code (IFC) implemented, but then politicking can be a blunt instrument.
Expense AccountPersonal FinanceUncategorizedNovember 18, 2014by Monika Halan0IFC gets a Modi push
The Indian Financial Code needs tremendous political will to make it happen. It seems the new PM is putting his weight behind financial sector reform.