PMO pushes for strengthening SFIO

Last Updated: Friday, September 9, 2011 - 22:11

New Delhi: Amid suspicion of increasing corrupt practices in the corporate world, the Prime Minister`s Office has pushed for strengthening the Serious Frauds Investigation Office (SFIO) at the earliest, so that it can undertake multi-disciplinary probes.

The direction for strengthening the SFIO came at a meeting chaired by the Prime Minister`s, Principal Secretary T K A Nair here, while taking stock of the functioning of the Ministry of Corporate Affairs, sources said.

Set up by the Corporate Affairs Ministry in 2003, SFIO shot into prominence after the government asked, it to investigate the multi-crore rupee Satyam accounting fraud.

The direction from the PMO comes at a time, when there are suspicions about increasing frauds in the corporate world. At the meeting, where review of some other ministries and departments like Company Affairs, Textiles, Micro, Small and
Medium Enterprises (MSME) and Commerce was also undertaken, it was noted that FDI inflow in these sectors during the current year had doubled than the last year.

With regard to the textiles sector, the PMO asked the ministry to give a push to "sunrise" aspects like making of bullet proof jackets, space suits, fire-fighting clothes.

The PMO also directed speeding up of work on Integrated Textile Parts, 40 of, which are proposed to be developed during the next five year plan, they said.

Government is providing Rs 14,000 crore for these parks and private sector is projected to put in Rs 21,000 crore.

These parks are estimated to generate employment of eight lakh.

PTI



First Published: Friday, September 9, 2011 - 22:11

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