Financial Daily from THE HINDU group of publications
Monday, Jan 31, 2005
Financial Daily from THE HINDU group of publications Monday, Jan 31, 2005 |
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Industry & Economy
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Petroleum Plan to set up regulatory mechanism for petroleum sector Our Bureau
Bangalore , Jan. 30 THE Government proposes to set up a regulatory mechanism for the petroleum sector, on the lines of the ones in power and telecom, to protect consumer interests, according to the Union Minister for Law and Justice, Mr H.R. Bharadwaj. Mr Bharadwaj was speaking at an international seminar on `Information technology, law and governance' here, organised by the Paris-based Union Internationale Des Advocats (UIA), an international association of lawyers. The opening of petroleum sector has seen private companies entering the fuel retailing business. As many more companies are slated to enter into fuel retailing, a regulatory mechanism was required to protect the interests of consumers, control prices and create competition, Mr Bharadwaj said. "In fact, a regulatory mechanism for all key sectors of economy is the need of the hour when they are fully opened up," Mr Bharadwaj said. "I conceive a regulatory legal system in place in India in all spheres," he said, asking lawyers to be ready to face such a system. Mr Bharadwaj said the IT law posed several new challenges to the legal profession but it also offered new incentives and opportunities as the legal and judiciary system all over the world was making optimum use of it. The Government, Mr Bharadwaj said, was committed to use technology in the judicial system and more than Rs 1,000 crore was being spent on the full-scale computerisation of the courts. The Supreme Court is already fully computerised and the concept of e-filing and e-court concept was getting introduced in the apex court. Funds have been allocated for the high courts to go ahead with computerisation and the Karnataka High Court was being adopted as a model, he said.
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