Government sets up SCE to evaluate international competitiveness of Indian financial sector
The Union Government of India has set up a Standing Council of Experts (SCE) in the Department of Economic Affairs, Ministry of Finance, which will assess global competitiveness of Indian Financial Sector.
Objectives before the SCE:
- Analyze the international global competitiveness of the Indian financial sector.
- Examine comprehensively various pecuniary and non-pecuniary costs of doing business through Indian capital/financial markets, like transactions costs including applicable tax rates, documentation requirements, brokerage fee and others vis-a-vis other competing destinations, and make suggestions aimed at achieving competitiveness.
- Examine related policy/operating frameworks and the performance of various segments of Indian capital/financial markets and make recommendations aimed at improving their competitiveness and efficiency, as also the completeness of these markets in terms of fully meeting client needs as per global standards through provision of requisite services and financial instruments
- Examine the scope for reform measures aimed at increasing transparency, promoting development of and strengthening governance in the Indian capital markets/financial sector while ensuring that risks are contained and investor interests are protected.
Who are on the Council?
The SCE will have financial experts from Government as well as private sectors as its member. The composition is as follows:
- Secretary, Department of Economic Affairs-Chairperson
- Chief Economic Adviser (CEA)- Member and Alternate Chair
- Joint Secretary (Capital Markets), DEA: Convener – Member Secretary to the Council.