The finance minister was speaking at an interactive session organised jointly by the FICCI and local chambers like the Federation of Karnataka Chambers of Commerce and Industry (FKCCI) and the Greater Mysore Chambers of Industry (GMCI) in the city.

To speed up the process of efficient tax collection Sinha said he would meet tax officials in all major centres of the country. Addedto this is the ``Saral'' scheme introduced in the union budget. ``Simplifications in tax administration at the ground level are also on the cards'', he added.

This will be part of an exercise being undertaken by the minister to boost confidence in the business and trade community and also create an interactive atmosphere. Visits to several important cities will form part of the minister's agenda in the coming weeks.

Sinha emphasised the importance of September 15, which was a crucial date for the minister to announce several new measures in conjuction with industry chambers. Moreover, this date is also going to be synonymous with a step up in public sector investment in infrastructure and the busy-season for business. ``The centre is trying to give shape to all spending programmes by mid-September and the industry will feel a palpable movement in the economy by then'', he said.

The government is going ahead with its plans for public sector disinvestment beginning with divestment of Concor in Septemberand Indian Oil Corporation (IOC) in October. The centre is planning to divest the public sector shares at market price in order to provide suitable benefit to the potential investors. ``The idea is not to raise funds through PSU disinvestments in order to meet the shortfall in revenue during the year but to provide a long term policy of reform and disposal of existing assets to people so that the government can create new assets for the people.''

He further said the government will soon take a decision to sell off sick public sector units and disinvestment of non-strategic PSUs to the extent of 74 per cent, passing on the management into private hands.

Sinha also affirmed his government commitment of the power sector and said that following counter guarantees for the Bhadravati and ST-CMS projects, the centre would soon clear the Vishakhapatnam project.

Reacting to the news of a 30 per cent devaluation in the Russian rouble, Sinha said its would have wide-ranging effects on the Indian economy, whichcould only be quantified within a few days.

Commenting on the widespread belief that economic reforms has slowed down since the BJP government took charge at the centre, Sinha said the government believed in calibrated reforms and therefore cannot rush mindlessly into more reforms. He also promised to protect sectors that were unwilling to face foreign competition but promised to deliver high growth within a specific time frame.

The minister has also called for a meeting with chief ministers and finance minister of all state to discuss the introduction of a state level MODVAT scheme.

In an attempt to dispel the gloom in industry circles through his address, the minister said that the issued before the power sector and infrastructure bottlenecks will be attended to.