For example, in India we enjoyed a comparative advantage in the IT industry because of our superior technical manpower and knowledge of English. But that advantage is now threatened as other countries are fast catching up. In order to continue to benefit from globalization, we need to move up the value chain and the only way that can happen is through innovation. 53.
In terms of the need to adopt international best practices, we feel strongly that the new legislation should cover a number of critical areas including: ·  adequate minimum capital requirements  ·  modern standards of corporate governance  ·  restrictions on related party transactions  ·  new standards of market conduct  ·  corporate transactions (mergers, transfers of business, etc.)