NEW DELHI: Despite the government’s oft-repeated concern about cartels pushing up prices of key commodities, the competition regulator will not get the teeth to investigate them soon.
The finance ministry has raised objections to the proposed pay scale of the members and the chairman of the Competition Commission of India (CCI), which is more attractive than that of government officials. The ministry of corporate affairs wants to hire experts who could do complex economic analysis for investigation and adjudication, which may not be possible with the pay scale that exists.
A regulator can effectively function only from a position of strength, for which the right set of skills is very essential. The government needs to offer competitive package for the brightest minds in town, the ministry believes.
Some sections of the government are already trying to tackle the difficulty in hiring talent.
The capital market regulator, for example, is considering to set up a specialised arm to track down complex market manipulations. Sebi wants to set up a separate legal entity because it would not be possible to offer high salaries to professionals if they are administratively a part of Sebi.
The government is also contemplating to let six key ministries, which execute public-private partnerships in infrastructure, hire professional transaction advisors at attractive pay packets.
The finance ministry is understood to have favoured this idea. The ministry of corporate affairs’ proposals were made before the sixth-pay commission submitted its report to the government, recommending higher salaries for officials in regulators like the CCI, Sebi and the Central Electricity Regulatory Commission.
The finance ministry has raised objections to the proposed pay scale of the members and the chairman of the Competition Commission of India (CCI), which is more attractive than that of government officials. The ministry of corporate affairs wants to hire experts who could do complex economic analysis for investigation and adjudication, which may not be possible with the pay scale that exists.
A regulator can effectively function only from a position of strength, for which the right set of skills is very essential. The government needs to offer competitive package for the brightest minds in town, the ministry believes.
Some sections of the government are already trying to tackle the difficulty in hiring talent.
The capital market regulator, for example, is considering to set up a specialised arm to track down complex market manipulations. Sebi wants to set up a separate legal entity because it would not be possible to offer high salaries to professionals if they are administratively a part of Sebi.
The government is also contemplating to let six key ministries, which execute public-private partnerships in infrastructure, hire professional transaction advisors at attractive pay packets.
The finance ministry is understood to have favoured this idea. The ministry of corporate affairs’ proposals were made before the sixth-pay commission submitted its report to the government, recommending higher salaries for officials in regulators like the CCI, Sebi and the Central Electricity Regulatory Commission.
No comments:
Post a Comment