FM says no rolling back of reforms, more coming soon

After it announced a slew of FDI measures, the UPA government is set to announce further reforms in capital markets, taxation, disinvestment and infrastructure in a couple of weeks. This was indicated by Finance Minister P Chidambaram on Monday.

“There are issues with Sebi, Department of Revenue, Department of Disinvestment... Hoping that we will have Cabinet and Cabinet Committee on Economic Affairs meetings this Thursday and next Thursday and hope a decision can be taken,” Chidambaram said here.

He ruled out a rollback of recent decisions on fuel prices and FDI reforms and did not see any threat to the government. He said the much awaited Kelkar committee report on fiscal consolidation would be put in the public domain by the weekend. He said slipping on the fiscal front would not be allowed.

ON THE FM’S MIND

FISCAL DEFICIT: There’ll be some slippage, lucky if we can achieve Budget estimate of 5.1%

BORROWING: Like to borrow less but immediate concern is that we don’t borrow more

DISINVESTMENT: Hope the market is favourable and govt can divest by year-end

CAG: The govt is not in the business of coal or spectrum trading

COAL: If there are irregula-rities, we’ll deallocate

VODAFONE, RETRO AMENDMENTS: Reversing decisions should not be done in haste

On manufacturing, Chidambaram said once confidence returned that the goods produced would be sold, manufacturing and industrial production would pick up. He said if an agreement was reached with state governments on a new goods and services tax regime, other reforms would follow quickly. On the new direct taxes code, he said it needed to be studied carefully.

Chidambaram expressed keenness to accommodate the views of Parliament’s standing committee on the banking, insurance and pension Bills to get them passed.