PM takes charge, pushes FDI in retail, reforms - Business News ...

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New Delhi: Prime Minister Manmohan Singh has decided to press the accelerator on foreign direct investment (FDI) in various sectors and take forward economic reforms within weeks of taking charge of the Finance Ministry.

FDI in retail may be a reality by August 15 as the Congress-led United Progressive Alliance (UPA) Government, keen to end the policy paralysis, is working towards building a consensus on the issue. An indication to this effect came on a day when Tata group Chairman Ratan Tata called for an urgent need to push reforms and the Prime Minister's Office (PMO) ordered simpler security clearance for projects and set up a Project Clearance Board under the Cabinet Secretary.

Manmohan Singh has started taking steps to speed up project clearances just days after US President Barack Obama pushed him on reforms. He has decided to push for reforms and speed up growth after being severely criticised for failing to take action to arrest economic slowdown.

Sources say that the Cabinet is also likely to take up the issue of FDI in domestic airlines. FDI decisions that need only executive approval will be pushed promptly as a part of the reforms process.

The government is keen on cutting down subsidies. Sources say Economic Advisor Kaushik Basu's proposal to fix subsidy cap of Rs 5 on diesel is being considered.

The Finance Ministry has been reportedly asked to come up with a specific plan to control fiscal deficit.

The Project Clearance Board, set by the PMO on Thursday, will review and issue one-time clearances and will have representatives from the different ministries, including those of Home, Defence, Environment and Forests, Commerce, Coal, Space and other infrastructure and energy related Ministries/ Departments.

Earlier, Ratan Tata said that the Prime Minister must restore government credibility and place the country on a growth path once again by implementing promised reforms.

The Chairman of the $100 billion conglomerate also hit out at the Opposition, media and "some members of ruling party", saying it is "grossly misdirected" to single out the Prime Minister and blame him for the economic woes that the country is facing at present.

"Now is the moment in time our Prime Minister must break convention, restore government credibility, place the country on a growth path once again by implementing promised reforms, removing roadblocks to growth and controlling crony capitalism," Tata tweeted.

He said "government action has been too little too late" as India has lost growth momentum over the past 12 months with investment confidence declining and inflation soaring.

"...but to single out and blame the Prime Minister is grossly misdirected," Tata tweeted, saying he was "depressed to see the attacks on India" and "felt obliged to express my feelings".

Throwing his weight behind Manmohan Singh, Tata said: "It is sad and unfortunate that in the past few months the Opposition, the media, some private citizens and even some members of the ruling party have mercilessly spoken and written about our Prime Minister -- a person who was the architect of the '91 reforms, which brought economic prosperity and international recognition to our country."

They have also chosen to overlook the fact that this warm-hearted Prime Minister has led our country with great personal dignity and integrity, Tata added.

(With additional inputs from PTI)

Source: http://ibnlive.in.com/news/pm-takes-charge-pushes-fdi-in-retail-reforms/272324-7.html

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