With the goal of promoting better corporate governance practices in India, the Government of India has set up National Foundation for Corporate Governance (NFCG). Explain in brief the mission of NFCG.

With the goal of promoting better corporate governance practices in India, the Ministry of Corporate Affairs, Government of India, has set up National Foundation for Corporate Governance (NFCG) along with Confederation of Indian Industry (CII), Institute of Company Secretaries of India (ICSI) and Institute of Chartered Accountants of India (ICAI). In the year 2010, stakeholders in NFCG have been expanded with the inclusion of Institute of Cost Accountants of India and the National Stock Exchange of India Ltd. The mission of NFCG is: To foster a culture for promoting good governance, voluntary compliance and facilitate effective participation of different stakeholders; To create a framework of best practices, structure, processes and ethics; To make significant difference to Indian Corporate Sector by raising the standards of corporate governance in India towards achieving stability and growth. NFCG endeavours to build capabilities in the area of research in corporate governance and to disseminate quality and timely information to concerned stakeholders. It works to foster partnerships with national as well as international organisations. NFCG works to have arrangements with globally reputed organizations with the aim of promoting bilateral initiatives to improve regulatory framework and practices of corporate governance in a concerned and coordinated manner.