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CII presses for review of NPA Ordinance

Our Bureau

NEW DELHI, July 11

THE Confederation of Indian Industry (CII) has sought a review of the recent Ordinance issued on non-performing assets (NPAs), claiming that the Ordinance goes against all norms of natural justice and is worse than the erstwhile Foreign Exchange Regulation Act (FERA).

In his address at a meeting of the Prime Minister's Council for Trade and Industry, Mr Ashok Soota, the CII President, also came up with some suggestions on achieving a sustainable growth in the manufacturing sector.

Mr Soota also held that the petroleum regulatory board should be set up quickly and should be truly independent. The CII President also felt that it was necessary for the Government to address issues facing the common man, the middle-class and Indian industry now and not wait till Budget 2003.

The Federation of Indian Chambers of Commerce and Industry, which was represented by its President, Mr R.S. Lodha, and the Senior Vice-President, Mr A.C. Muthiah, stressed the need for a time frame to bring the power tariffs in line with the cost of supply to each consumer class.

FICCI also suggested separate guidelines for petroleum and natural gas industry, with respect to transmission infrastructure and distribution franchisees in the proposed regulatory framework.

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