New Delhi, Aug 17: Associated Chambers of Commerce and Industry (ASSOCHAM) today hailed the Prime Minister, I K Gujral's assurance of providing a level playing field for the domestic industry.``We welcome Gujral's promise that the domestic industry would be given paternity benefits and would not be allowed to face unfair competition'', ASSOCHAM president, H L Somany, told PTI.He said a ``level playing field'' was necessary in view of the legacy of past where indian industry was subjected to all kinds of restrictions in the pre-reform period by the government. Mr Somany said Indian companies needed more time to adjust themselves to global competition as foreign companies enjoyed advantages in terms of vast resources, technology, lower cost of capital and economies of scale.Federation of Indian Chambers of Commerce and Industry (FICCI) president, A S Kasliwal, called for total revamping of laws which are unintentionally promoting corrupt behaviour. Stating that the direction given by the PM and president at this juncture was crucial, Kasliwal said exhortations alone will not change the fundamental reality for common man and businesses.Mr Somany wanted the government to push through the unfinished agenda of economic reforms which included the new companies bill, replacement of Foreign Exchange Regulation Act (FERA) with Foreign Exchange Management Act and review of outdated and obsolete laws.
