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Santosh Tiwary
New Delhi, Aug 23: Though Congress has not mentioned giving statutory powers to the Disinvestment Commission in its election manifesto, the party is committed to it if voted to power.
Asked about the absence of its mention in the party manifesto, senior party leader and author of the party's economic agenda Manmohan Singh said that the party had indicated giving statutory powers to the commission in its manifesto. "We are committed to giving statutory powers to the Disinvestment Commission," he said.
Singh was responding to the queries from mediapersons after outlining the Congress' blueprint of the economy to achieve seven per cent growth which would mean substantially stepped up investment and growth rates in agriculture and industry.
The former finance minister said that such a growth pattern will need much larger investments in infrastructure, conducive environment for a higher foreign direct investment and reform in agricultural sector including a thorough implementation of landreforms.
Highlighting a grim and vicious scenario pertaining to policy on high money supply rate of 18 to 19 per cent, Singh said that if the interest rates were hiked, then investment activity would be choked. In case interest rates were untouched it would mean, high inflation and a balance of payment crisis, he added.
Singh said that BJP could not take any credit for handling the macroeconomics efficiently. "Whatever good had happened to the economy was because of the policies and initiatives that were taken during the Congress regime," he added.
Singh promised a thorough reform of the tax system, if Congress regained power, that had been ignored by the successive governments during the last three years to achieve higher revenues.
He assured that the life insurance sector would not be opened up even though foreign equity would be allowed in other insurance sector with dominant control of the Indian partner. The insurance companies would remain Indian in character, he said.
The Congress would carryout comprehensive financial sector reforms including the banking sector with the view to bringing down the non-performing assets to four per cent from the existing nine per cent, said Singh.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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