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On the proposed RBI regulation to cap the equity holding, including FDI, in private banks, Dr Singh said the RBI policy was only a draft.

The Prime Minister, Dr Manmohan Singh, addressing a press conference in Mumbai on Wednesday. — Paul Noronha

Mumbai , Oct. 6

THE Prime Minister, Dr Manmohan Singh, on Wednesday said that he favoured a national policy on job reservation for the weaker sections in the private sector, though not by legislation.

"It can be done voluntarily by the corporate sector. I am not suggesting jobs should be given without merit. People can be trained," Dr Singh said.

Addressing a press conference here during his maiden visit to Mumbai since he assumed office, Dr Singh said, "Nobody can stop an idea whose time has come," he said.

"The country should ensure that weaker sections like scheduled castes, scheduled tribes, minorities and women get a fair and square deal."

Dr Singh said he had asked the Union Agriculture Minister, Mr Sharad Pawar, who heads a committee in this regard, to continue his discussions on reservation with the private sector.

The Prime Minister did a balancing act by addressing the concerns of the private sector later in the day. He ruled out the introduction of any legislation to enforce job reservation in the private sector.

Many business houses have been opposed to the idea of job reservation in the private sector.

Referring to the controversial Dabhol Power Project, the Prime Minister said, "The non-utilisation of the plant is a matter of great concern." Blaming the previous Government for its negligent attitude towards the project, he said the UPA Government has set up a committee of ministers headed by the Union Defence Minister, Mr Pranab Mukherjee, to look into the ways and means to restart the Dabhol project.

On the proposed RBI regulation to cap the equity holding, including FDI, in private banks, Dr Singh said the RBI policy was only a draft. The Government policy is to work towards getting a higher inflow of portfolio investments and FDIs.

Asked about the mounting oil price and its impact on inflation, Dr Singh said the Government had a mechanism in place to tackle the situation even if oil prices continued to hover above the $50/barrel mark.

Addressing a gathering of industrialists, Dr Singh said more tax reforms would be announced in the next Union Budget. The UPA Government did not have enough time to work on the last Budget and, therefore, could not bring out several changes that it had wanted to. Now, the Government is firmly in the saddle and is committed to implementing a progressive tax system.

The Government is committed to toning up the functioning of the public sector undertakings and the public sector banks, he said.

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