Investments in land and gold not good enough: Sachin Pilot

Sep 24, 2013, 08:39 IST | Ravikiran Deshmukh

The corporate affairs ministry is launching an investor awareness programme to encourage people to invest money in the capital market, and not only in land and gold

The Union minister of state for corporate affairs Sachin Pilot yesterday called for investors to put their money not only in land and gold, but also in the capital market. Speaking at the Bombay Stock Exchange, Pilot told the media about the ministry’s plan to launch an investor awareness programme soon to encourage people to invest in other sectors.

Sachin Pilot and Milind Deora
Capital move: Milind Deora Tweeted this picture of himself with Sachin Pilot (right) at the Bombay Stock Exchange yesterday

For investor awareness
“There is a need to offer proper guidance to investors, and we are using funds available under the investor awareness programme for this initiative,” said Pilot. According to him, there was either a lack of information or wrong information given to people when they made investments. “We need to target this lack of information and take some steps to educate investors to go for good schemes in the market,” added Pilot. The ministry is also working on a proposal to provide investment information in regional languages. A plan to launch an SMS information service on good investments is also in the pipeline.

The minister was addressing a gathering of media representatives at the inauguration of Youth Parliament 2013. Youth Parliament is an initiative launched last year by Milind Deora, south Mumbai MP and Union minister of state for information technology, to give students insights on the workings of Parliament and to make them more aware about parliamentary procedures.

Student representatives from 20 colleges in the city participated in the second edition of Youth Parliament. 

NEED TO DEBATE issues deeply in Parliament: MILIND DEORA
With a gathering of students from across the city for the inauguration of Youth Parliament 2013, Milind Deora, minister of state for information technology, emphasised the need for discussions and parliamentary debate.

According to Deora, all MPs needed to do a better job. “There have been several issues such as foreign policy, defence, agriculture etc. There is a need to discuss issues more deeply in Parliament,” he said. “Sometimes, demands by departments for crores of rupees are approved without a debate,” he added.

But, Pilot said, MPs did some tremendous amount of work to debate on issues. “Some fantastic speeches had been made and discussions carried out during debates on food security, strengthening of legal provisions in the wake of the Delhi rape case, land acquisition bill etc,” Pilot added.
He also elaborated on the issues of corporate social responsibility (CSR). According to estimates by Pilot, funds close to Rs 20,000-22,000 crore would be available to social causes under CSR.

According to the new guidelines issued by the corporate affairs ministry, it has been made mandatory for companies to have a separate director for utilisation of CSR funds. As per the law, 2 per cent of the profits earned by a company are to be spent for social responsibilities.  

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