Finance panel proposals to be considered: PM

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New Delhi, Dec 16: Prime Minister Manmohan Singh on Thursday assured the Rajya Sabha that the government would consider every recommendation of the 12th Finance Commission with regard to devolution of funds between the Centre and states.

The Prime Minister, in his brief intervention, said the Finance Commission was an autonomous body and due consideration would be given to its recommendations and the House be informed accordingly.

Earlier, minister of state for planning MV Rajasekharan said the full Planning Commission at its meeting in September had approved the “lumpsum” provision made in respect of Central assistance related to the National Common Minimum Programme.

Securities Laws Bill: Parliament approved a Bill for bringing about structural transformation of stock exchanges from mutual organisational form to a demutualised form with Rajya Sabha passing the measure.

The Securities Laws (Amendment) Bill 2004 envisages allowing, in certain cases, members of one stock exchange to enter into contract with members of other stock exchanges subject to such terms and conditions as stipulated by respective stock exchanges with prior approval of Sebi.

Parliament gave its nod to the enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill with the Upper House approving the measure which seeks to enable banks and financial institutions to take possession of securities of borrowers and sell them to reduce their NPA.

The Rajya Sabha returned the Central Excise Tariff (Amendment) Bill 2004, already passed by Lok Sabha.

India to lead pharma sector: The government predicted that Indian pharma industry with a strength of 25,000 companies would be a leading player in the sector in the years to come. It has devised a scheme to forge public-private partnership to manufacture medicines for diseases affecting the common man.

“We will be leaders of the pharma industry in the years to come,” science and technology minister Kapil Sibal said.

He said since private companies did not come forward to manufacture expensive drugs for diseases such as malaria, tuberculosis and HIV which especially affected the common people, the government had decided on the new scheme.

Under the scheme, the private pharma companies could approach the government for loan of up to 70% on a viable project.

The interest component would be kept low while offering credit for such projects, the minister said adding the government would provide all assistance for manufacturing common drugs.

Mr Sibal said a sum of Rs 150 crore had been allocated for R&D in pharma.