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Indian Financial Sector Under Competitiveness Review

by Mary Swire, Tax-News.com, Hong Kong

11 June 2013


A Standing Council of Experts has been asked to make recommendations for improving the international competitiveness of the Indian financial sector.

The Council will be part of the Department of Economic Affairs, and its creation follows up on a pledge made by Finance Minister P. Chidambaram in his recent Budget. It will be headed by the Department’s Secretary.

The Council will examine the comparative pecuniary and non-pecuniary costs of doing business via the Indian capital and financial markets and via other competitive destinations. Comparative levels of taxation will also be taken into account.

The Council will consider how the Indian markets operate, and make suggestions for improving their efficiency, "completeness," and transparency. Finally, it will aim at strengthening market governance, while ensuring that risks are contained and investor interests are protected.

The Government expects the Council to meet at least once every two months.

TAGS: Finance | tax | business | India | interest | financial services | capital markets | ministry of finance | tax rates | standards | services

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