"We cannot afford to play politics with the nation's economy," he said, addressing the annual session of the Confederation of Indian Industry. Taking the battle to the industry, Vajpayee said the reform process can gain wide acceptance only if the industry meets its responsibilities and the common man is made to benefit from the changes. "Does the industry itself follow transparent accounting and strict norms disclosure? Many industrialists want competition -- but in other industries. In their own industry, they want protection," he said chiding the business world for blaming the Government for all ills in the industry.

On its part, the Government would ensure that it removed all hurdles in the path of economic growth. Vajpayee called for a "mindset revolution" in theGovernment, the industry and the common man to meet the competitive challenges of the 21st century. Vajpayee did not promise blanket protection to Indian industry but only "where necessary." Vajpayee outlined a series of measures which would broaden, deepen and speed up the process of internal liberalisation and at the same time increase foreign investment. "The Foreign Investment Promotion Board will be empowered to give a firm `Yes' or `No' answer to every proposal involving FDI within a deadline of 60 days," he said.

Vajpayee said the government will soon appoint a commission to comprehensively review in a short-time frame all administrative laws, rules and regulations governing industry and trade. "Some of them which have outlived their utility will be either totally scrapped or radically simplified," he said. "My government's relationship with industry will be based on trust and not marred by mistrust. The government must become a helper and not a hurdle."

Pension and insurance funds will be tappedfor ploughing money into the infrastructure sector. "We will soon announce a series of schemes to mobilise investible funds from idle resources existing in the country but unavailable to the exchequer," he said.

The prime minister's office will directly monitor and take a monthly progress report on all projects with a capital investment of more than Rs 100 crore each in the areas of power, roads and bridges, dams and irrigation, telecommunication, oil and energy, railways, ports and airports.

Vajpayee said the government will substantially increase investments in infrastructure development. Simultaneously, private sector will receive far greater policy and implementation support.

The Foreign Exchange Regulation Act (FERA) will be replaced with a legislation consistent with current needs and Companies Act will be drastically overhauled. The Prime Minister said he will devise a machinery for resolving disputes between the revenue departments and trade and industry to "speedily obtain for the governmentwhat is legitimately the states'".

The government will take necessary steps to reduce the currently untenable level of non-performing assets (NPAs) of banks and financial institutions.

On the state of economy, he said: "I have inherited a weak, deficit ridden economy. But I am not complaining. My job is not to harp on the past but to look to the future, not to complain but to lead."

Vajpayee said his government welcomes foreign investment in areas of special priority such as infrastructure development, hi-tech, transfer of better management practices, upgradation of product quality to help export capability and critical global marketing linkages.

The prime minister said: "In the case of globalisation, we will adopt a carefully calibrated approach for reasons most of you appreciate."

"I would also like to state categorically that no investor who has been given permission hitherto to operate will find the permission withdrawn or narrowed in scope. Government is a continuing entity," he assured foreigncompanies operating in the country.

A National Information Technology Task Force will be set up within the next 30 days to formulate a draft National Informatics Policy.

The Prime Minister said his government's aim of achieving a 7-8 GDP growth was a "moderate target" given the country's capacity and necessity.

Vajpayee said that government will initiate steps to effect reforms in the public sector. "These will embrace the whole gamut of imaginative restructuring, including transparent disinvestment and reducing PSU losses," he said.

The government will also unveil a national housing policy within the next 60 days and the Urban Land Ceiling Act will be suitably amended to facilitate realisation of housing goals and to boost construction.

Vajpayee assured that special attention will be given to modernisation of the agro-processing industry.

Atalji's economic package