Govt has broad plan of action to push for economic reforms: FM

With the Left out of its way, the UPA government today said it intends to push for reforms in the financial sector and the real economy to boost the economy reeling under the impact of global crisis.     

"Sustained stimulus to growth can be harnessed by the next round of economic reforms. We have a broad plan of action in mind," Finance Minister Pranab Mukherjee told reporters here.     

The government would assess the impact of three doses of economic stimulus announced in December, January and February, he added.     

Mukherjee said the opportunity presented by the current economic circumstances needs to be seized for pushing long pending reform measures.     

"These include measures in the area of financial sector and real economy to make the economy more competitive and economic, regulatory and oversight system more efficient, quick and responsive to global developments," he said.     

Important economic reforms which the earlier UPA government could not pursue because of stiff resistance from the supporting Left allies include raising foreign direct investment cap in the insurance sector to 49 per cent from 26 per cent, and banking and pension reforms.     

Besides, opening of retail sector to foreign players and relaxation of labour laws have been on the agenda for the government for long.