By IANS
New Delhi : The government plans to set up an Indian Institute of Corporate Affairs during the 11th Five Year Plan period (2007-12) but it would begin functioning only after a detailed project report has been prepared and the requisite financial sanctions obtained, parliament was informed Tuesday.
The proposal, submitted to the Planning Commission, puts the estimate for setting up the institute at Rs.2.11 billion with Rs.4.7 million being allocated during the current fiscal, Minister for Company Affairs, Prem Chand Gupta told Rajya Sabha.
He said the broad objectives of the institute include capacity building and training for the Indian Company Law Service (ICLS) and subordinate cadres, provision of value added services with the implementation of MCA21 e-governance project and service delivery in areas like investor education and awareness and corporate governance.
The institute is also envisaged to serve as a think-tank for the ministry to provide a dynamic response to the ever-changing business environment and support it in taking up initiatives that are responsive to the expectations of the stakeholders in general and the corporate sector in particular, he said.