Business Line Twenty Years Ago Today

may 18 | Updated on January 20, 2018 Published on May 17, 2016

Further push to reforms: Jaswant

The Finance Minister, Mr. Jaswant Singh, has assured the domestic industry and the foreign investors that there would be no roll back of the economic reforms programme. Instead, the BJP Government would hasten the pace of reforms through greater transparency and accountability, he said. All commitments made by the previous Government, including the assurances given to the World Trade Organisation on amendments to patent laws will be honoured. “Without reneging the country’s commitments, we will find an answer. While our economic sovereignty and India’s national interests will not be compromised, valid international concerns will also be addressed,” the Finance Minister said.

‘Economy cause for concern’

Mr. Jaswant Singh said on Friday that the current state of the economy was cause for concern. The Government is borrowing Rs. 3,000 crores per month and the interest on account of internal debt was high at Rs. 60,000 crores, he said, after meeting top officials of the Finance Ministry. Mr. Singh met the Finance Secretary, Dr. Montek Singh Ahluwalia, the Reserve Bank Governor, Dr. C. Rangarajan, the Revenue Secretary, Mr. M. R. Sivaraman, the Chief Economic Advisor, Dr. Shankar Acharya and other members of the ‘Budget Group’.

FDI policy guidelines soon: Prabhu

The new Government at the Centre will soon come out with comprehensive policy guidelines on FDI which will be “transparent and unambiguous” in prioritising the sectors where such inflow will be welcome while making efforts to facilitate a level-playing field for the domestic industry, the Union Minister for Industry, Mr. Suresh Prabhu, has said.

Published on May 17, 2016
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