The Hindu Business Line : Govt will encourage PSUs to go global for capital formation: Chidambaram

The Finance Minister, Mr P. Chidambaram, with the Assocham President, Mr M.K Sanghi, at a discussion on `Economic Freedom of the World Index 2004 & Morality of Markets' in the Capital on Wednesday. — Kamal Narang

New Delhi , Nov. 10

The UPA Government will continue to encourage profit making State-owned companies such as National Thermal Power Corporation Ltd to go global for capital formation to ensure economic gains for the country, the Finance Minister, Mr P. Chidambaram said on Wednesdaaay.He also announced that, in the future, the government's role would be enlarged in order to improve infrastructure facilities, roads, primary health, education and sanitation until these areas were economically accomplished for people to enjoy the gains of economic reforms.

Releasing the book on Economic Freedom of the World Index 2004 and Morality of Markets under the aegis of the Associated Chambers of Commerce and Industry of India (Assocham) and Centre for Civil Society, Mr Chidambaram said that the UPA Government was committed to encourage profit making PSUs to raise capital from overseas and even explore possibilities for their expansion overseas.

On a question on morality raised by Assocham President, Mr Mahendra K. Sanghi, Mr Chidambaram agreed that a part of the tax department was corrupt but added that the corruption in the tax collection department had pervaded because there were enough corruptors outside the Government. He emphasised the need for registering the income of tax payers, stating that 98 per cent of the income tax returns were not scrutinised at all.

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