'Evolving economic space has to be addressed by all organs of government': Manmohan Singh

New Delhi, Sep 22 (ANI): The Prime Minister, Dr. Manmohan Singh, on Saturday said the evolving economic space has to be addressed by all organs of the government: the executive, legislature and the judiciary.

Dr. Singh said the separation of powers has been the classical guarantee of constitutional government and the rule of law.

"The balance between the three organs may appear to get unsettled at times but ultimately it has stood the test of time. Whilst Parliament has endeavoured to give expression to the aspirations of the people, the higher judiciary in India has made the most remarkable innovations in the field of public law using instruments like Judicial Review of Administrative action and Public Interest or Social Action Litigation to both enforce constitutional mandates as well as to amplify the Constitution's philosophy in a meaningful manner," said Dr. Singh.

"But as the judges have themselves stated, in contemporary times conventional common law wisdom and the doctrine of stare decisis (to stand by that which is decided) need to be fortified with knowledge of modern challenges and the response of applied sciences, including economics," he added.

Dr. Singh, who was speaking at the at the conference on 'Economic Growth in Asia and Changes of Corporate Environment' at the Vigyan Bhavan here, said the ability for economic analysis of law is now as much of an imperative as familiarity with Information Technology and the world of computers.

"Certain schools of jurisprudence have for long been rooted in economic analysis and have seen the pattern of rights and duties primarily in those terms. There are other schools of thought as well including some rooted in ancient Indian traditions. But as recent judgements have shown the adjudication of rights and claims between parties including between State actors and non-State parties has wide implications for the economy and can no longer be viewed in isolation," said Dr. Singh.

The Prime Minister said the judicial decisions may at times have transnational impact since the global financial and trade systems are also becoming closely integrated.

"Therefore, Judges of the 21st century therefore have to be social scientists, economists, political thinkers and philosophers. We in India can justifiably feel proud that we are blessed with some of the finest judicial minds of the world, including some who are present here today, including some who are present here today in this distinguished gathering," he added.

In response to transformational changes of this century, Dr. Singh that many commercial and corporate laws are being examined to make them relevant to the challenges that lie ahead, particularly for ensuring distributive equities and empowerment of the marginalised sections of the society.

"Increasing use of this word 'inclusive' is indication of this new emphasis on equity in economic and social processes. New laws in areas such as regulation of securities market, competition and limited liability partnerships have been put in place. We will soon bring before Parliament the new Companies Bill that has been in the making for quite some time now. Examples of progressive legislation in the past and proposed for the future abound," he added.

The Prime Minister pointed out that it has been an enchanting journey for our country from controls to regulation, from the time when business was to be kept at a distance to the present when government seeks a complementary and partnership role with the private sector to expand our economic base and to empower the disadvantaged groups through inclusive, faster and sustainable development.

"There has been a learning curve in all this but at the end of the day a silent revolution has given us the ability to allow the private sector to explore its potential to the maximum and at the same time to empower the disadvantaged sections of our society to seek a place in the sun," he added.

The Prime Minister said the collaborative efforts of the Indian Law Institute and Korea Legislation Research Institute to build the Asia Legal Information Network is indeed a welcome development in the field of legal research that would vastly benefit the Asian legal community, judges and scholars.

"Your deliberations and sharing of experience with each other at the conference will enrich our understanding of the challenges of contemporary times and strengthen our efforts to formulate ideas and strategies for the future. It will also bring us all closer together in bonds of friendship and shared aspirations," said Dr. Singh.

"I pray that you return from New Delhi with fond memories of a friendly city and its history and with greater determination to work for peace and prosperity in all countries of Asia," he added. (ANI)