Monday, August 29 2005 11:16 Hrs (IST) - World Time -

Bangalore: Planning Commission Deputy Chairman Montek Singh Ahluwalia today called upon the legal fraternity to brace themselves up to face the challenges that lie ahead in the event of the country throwing open the legal services sector to global competition.

As the Doha Round of negotiations proceed the country will come under presure to make concessions in some areas including legal services which has not been opened so far, he said while delivering address to the 13th convocation of the National Law School of India University here.

"How the on-going negotiations will unfold is impossible to predict at this stage. Given the demonstrative advantage we have, the legal services area will also be affected", he said.

Ahluwalia said the country has provided reasonable access in financial services, there are some foreign firms in accounting and no access in legal services.

However, the negotiating partners will ask for market access in other service areas such as financial services, accounting services and legal services, he hinted.

The laws of the land might be affected by global developments in the wake of international negotiations, Ahluwalia pointed out and added that "there is a choice of legal regimes leads to a migration to the most preferred standard which in turn creates pressure for harmonisation".

The existing generation is going to see far more change and at a more rapid pace during their working life than the previous generation and the country will change even faster in the next thirty years, he said.

Ahluwalia referring to the regulatory structures that have come into existence in the country following the flow of private investment in infrastructure sector said "regulatory law is relative new development in India and is likely to expand very considerably in the years ahead".

"It is a complex area which falls in the interface between economics and law and I have no doubt we will see much more of it in the years ahead", he remarked.

A regulatory system must ensure a balance between the interest of existing public sector suppliers and new private sector supplies, he advocated.

Ahluwalia said "it is the job of the regulator to determine tariffs, quality standards and penalties for non-performance after hearing all parties. The regulator is also responsible for settling disputes between the various suppliers".

He underlined the need to bring about a massive expansion and qualitative improvement in "hard infrastrcutre

"Anyone who has travelled in East Asia can see that this is clearly an area where we have a very large deficit", he said and pointed out, "Bangalore itslef, which was otherwise a very attractive destination of investors exemplies the problems that can arise when infrastructure lags behind economic development".

Chief Justice of India R C Lahoti presented graduation certificates to the newly graduated and medals to the meritorious.

Neha Jain, who was awarded a degree in B.A., LL.B (Hons) bagged the first rank and eight medals.