Emphasising on the need for greater autonomy in decision-making and financial matters to the regulators, the survey criticised the government on adopting different approaches towards the regulatory process.

In order to restore investors' confidence and pave the way for greater inflow of capital from the private sector, the survey suggested that the government needs to take a fresh look at the existing regulatory legislations and bring in a comprehensive and uniform approach.

Witnessing a slowdown in growth rate of six core and infrastructure industries, including electricity, crude oil, refinery, coal, steel and cement, at 7.7 per cent during April-December '00 compared to 9.1 per cent during the same period last fiscal, the Survey called immediate steps to ensure long-term finances for infrastructure projects to guarantee higher economic growth.

While reviewing the infrastructure development during the first three quarters of this fiscal, the Survey observed that apart from coal and petroleum, all other core sectors, including power, cement, railways, and communication, have shown lower growth during the period.

Pegging a slower growth rate for infrastructure industry mainly due to shortfalls in creating new capacities, the survey called for reforms in insurance, pension and PF to help channelise investments into the sector.

Observing that the demand for infrastructure services continues to outpace supply, the survey cautioned that unless these shortfalls are met by creating new capacities in power, telecom, railways, roads and ports, there will be `serious constraints' on faster growth. With private investment in infrastructure dependent on availability of long term debt finance for such projects at reasonable rates, appropriate reforms in insurance, pension and PF will help channelise investments in infrastructure projects, it says.

Taking a serious note of deceleration in growth rate in the power sector, which is attributed to slow down in thermal and hydro power generation, the Survey said private investors in the sector are deterred by high risks of non-payment by financially weak SEBs. Lauding the progress made in levying user-charges on roads in terms of additional cess on petrol and diesel, the survey said inadequacy of policy and regulatory framework has refrained larger investors from entering the sector.

Highway development projects need to be clubbed along with related utilities like gas and repair stations, telephone booths and motels to make the project more attractive, the survey said while calling for integrating various Centrally and state sponsored schemes for rural roads to eliminate duplication of efforts.

Criticising the very low level of productivity of ports, the Survey called for a definite time frame for corporatisation of major ports.

Coal production posted 5.9 per cent growth rate in April-December last as compared to 0.6 per cent growth in the same period last year.

Power generation growth at 4.7 per cent was slower than the last year's 7.5 per cent, said the Survey, adding seasonal water shortages and drought in some parts of the country during the period and high capital costs have led to the poor performance of the hydro-generation.

The domestic crude oil output has a higher growth rate of 1 per cent in the first nine months of current fiscal as against a negative growth rate of 0.4 per cent last year. Refinery throughput has been higher at 25.9 per cent compared to 22 per cent in April-December 99-00, it said.

Cement production showed a slower growth rate of 2.3 per cent in the first three quarters during April-December last as against a growth rate of 16 per cent in the previous year.

Cargo handled at the major ports at 209.2 million tonne grew by 3.9 per cent during the period against the growth of 9.2 per cent in the same period last year.