New Union Law Minister Ravi Shankar Prasad on Tuesday promised global investors a stable fiscal and legal regime so that they did not face any problem.
Interacting with journalists after assuming charge, Mr. Prasad said, “The goal of the government is that those who invest in India must have the assurance of a stable fiscal policy and legal regime. The statutory regime will be stable, fair, transparent and non-discriminatory. Any wrongdoing, corruption or extraneous considerations shall be visited very seriously.”
Giving an indication that the Vodafone tax dispute would be sorted out, Mr. Prasad said retrospective tax should be avoided as India needed foreign investment. He however said there would be zero tolerance of corruption.
Judicial commissionAsked about the priority areas of the government, Mr. Prasad said, “Establishment of a National Judicial Commission to replace the collegium system and to give the Executive a say in appointment of judges is part of the BJP manifesto. There is an existing Judicial Appointments Commission Bill. We will hold more consultations and consider it. If there is a need for some improvement or some more consultation, we may consider it too.”
He said the setting up of a Special Investigation Team on black money stashed abroad as mandated by the Supreme Court was another area of priority.
