Chennai, Sep 20 (IANS): The coming winter session of parliament will be crucial for the Indian corporate sector as a bill on company law will be tabled, and issues like competition policy and public procurement will be discussed, union Minister for Corporate Affairs M. Veerappa Moily said here Tuesday.

He said the Indian government sources goods worth around Rs.11,000 billion, but there is no proper policy governing that.

According to him, the public procurement policy is expected to bring down corruption by nearly 50 percent.

Speaking to reporters on the margins of an event here, Moily said: "We have to restore our credibility that has been hit by scams and scandals amongst the investors."

He said the current company law is outdated and the new bill, which has gone to the union cabinet, will be tabled in the winter session to be held November-December.

The new company law will have proper mechanisms to promote transparency and accountability, Moily said.

He said the government will finalise a new competition policy by this November and it will become a law by December 2012.

He said his ministry will come out with a national corporate governance policy in six months.