The government is also keen to disinvest in other strategic companies subsequently, Ahluwalia said.

The finance secretary admitted that the centre is worried about the level of inflation -- currently running over 8 per cent -- and is evaluating various measures to control it.

The centre will also introduce the Insurance Regulatory Authority Bill in the next session of parliament, he said.

Commenting on the export scenario Ahluwalia said the country is gradually turning around on this front. Exports have gone up marginally from 0.5 per cent to 0.62 per cent, he said addingthat the small percentage rise indicates a turnaround in export.

The GDP growth should be 8 per cent to maintain the economic development, he said. "With a 4 per cent agricultural growth, 12 per cent industrial growth and 8 per cent service sector growth, the GDP growth target can be met," Ahluwalia said.

Outlining a three-pronged strategy for economic growth, Singh said that tariffs should be reduced to make imports cheaper and to make export-led growth possible.

"We are one of the countries having the lowest imports and a high tariff policy," he said adding if the exports are more, the external debt can be serviced in a more effective way, which remains at a very uncomfortable level of 20 per cent.

"External debt is not bad provided the country has enough export proceeds to service them," he said.

The country should adopt an intra-firm trading system wherein industry can export more by importing different products from various countries at a cheaper price, he said.

Referring to the steps alreadytaken in the information technology sector he said the government has recognised the need for a regime of much lower protection. India has agreed to advance by two years the agreement in the World Trade Organisation (WTO) to have zero duty on it, he noted and emphasised that what is true for software, is true for others.

Dwelling on quantitative restrictions in trade, the finance secretary said, "unless there is consensus that a particular policy is good for industry, it cannot be implemented. A consensus for bringing down restrictions within a certain number of years has to be reached. But, the period under no circumstance should exceed five years."