The Finance Ministry has constituted a panel to assess global competitiveness of the Indian financial sector with regard to transaction costs as well as tax rates and suggest reforms.
The Standing Council of Experts, under Economic Affairs Secretary and comprising government and private sector experts, "will examine various pecuniary and non-pecuniary transaction costs/ burden of doing business in the Indian market and make recommendations for enhancing its competitiveness," the Finance Ministry said in a statement on Friday.
It has also been asked "to 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".
The statement said the Council will meet with a "frequency necessary for fulfilment of its objectives, with the approval of the Chairperson. An effort would be made to hold meetings at least once in two months".