More laws for economic reforms

New laws are made, so that there is more transparency in private companies.Yesterday,the Lower House of the Indian Parliament, gave approval for Companies Bill,2011.The existing companies Bill was made in 1956 when thee were only thirty thousand registered companies in India. Now there are 850000 registered companies doing business in India.The new law will make the directors of the companies more accountable and it would improve corporate practises.Corporate social responsibility would be "built-in" As per the new law, more power has been given to the Serious Fraud Investigation Office(SFIO). Now there will be better relationship with investigating agencies(of state and central governments),IT dept, Information Technology Ministry and the SFIO.Now technology is also helping us too.Fast track courts will settle disputes very fast, so that business can go on uninterrupted.The new law also says the 2% of profit will go towards corporate social responsibility.The independent directors of companies will have a fixed term in office.Stricter disclosures are expected. And there will be investor protection too. So India is ready for growth.Individuals have to motivate themselves for it.And laws are made for the purpose of promoting growth.