06-07-2004, 08:51 PM
<b>Unveils Government's economic agenda</b>
Pioneer News Service/ New Delhi
Assuring economic reforms with a human face, President A P J Abdul Kalam on Monday unveiled the new government's agenda aimed at stepping up public investment, selective privatisation, far-reaching tax reforms, cess for education and changes in labour laws to attain 7-8 per cent growth. He also said that the interests of small investors will be protected.
Addressing a joint sitting of both houses of Parliament, Kalam said the common minimum programme (CMP) will be implemented during the next five years and agriculture, industry and services would be reformed to hasten social and economic development.
To root out corruption, black money will be tackled, he said adding major tax reforms with stable rates will significantly widen the tax base, increase compliance and make tax administration more friendly.
VAT will be implemented, revenue deficit wiped off by 2009 to release more resources for investments in social and physical infrastructure, he said.
Subsidies would be targeted, prices controlled and hoarders kept under check besides considering privatisation on a case-by-case basis. Loss-making PSUs would be sold or shut.
For boosting GDP growth and reviving the industry, the rate of investment will be pushed up by rejuvenating capital markets, deepening financial markets, encouraging FII and FDI and announcing a package for ssi sector soon, he said.
Kalam said India's negotiations at WTO will fully protect the interests and livelihood of farmers, textiles industry will be geared to meet post-quota regime challenges and measures will be taken to boost exports.
He said PSUs and nationalised banks will be encouraged to enter the capital markets.
Stressing that the UPA government was committed to "orderly" development and functioning of capital markets, he said market regulator Sebi will be strengthened.
Pioneer News Service/ New Delhi
Assuring economic reforms with a human face, President A P J Abdul Kalam on Monday unveiled the new government's agenda aimed at stepping up public investment, selective privatisation, far-reaching tax reforms, cess for education and changes in labour laws to attain 7-8 per cent growth. He also said that the interests of small investors will be protected.
Addressing a joint sitting of both houses of Parliament, Kalam said the common minimum programme (CMP) will be implemented during the next five years and agriculture, industry and services would be reformed to hasten social and economic development.
To root out corruption, black money will be tackled, he said adding major tax reforms with stable rates will significantly widen the tax base, increase compliance and make tax administration more friendly.
VAT will be implemented, revenue deficit wiped off by 2009 to release more resources for investments in social and physical infrastructure, he said.
Subsidies would be targeted, prices controlled and hoarders kept under check besides considering privatisation on a case-by-case basis. Loss-making PSUs would be sold or shut.
For boosting GDP growth and reviving the industry, the rate of investment will be pushed up by rejuvenating capital markets, deepening financial markets, encouraging FII and FDI and announcing a package for ssi sector soon, he said.
Kalam said India's negotiations at WTO will fully protect the interests and livelihood of farmers, textiles industry will be geared to meet post-quota regime challenges and measures will be taken to boost exports.
He said PSUs and nationalised banks will be encouraged to enter the capital markets.
Stressing that the UPA government was committed to "orderly" development and functioning of capital markets, he said market regulator Sebi will be strengthened.