Moily expects big ticket reforms to top PM's agenda

"I expect the priority of the Prime Minister after taking over the additional responsibility of Finance Minister will be to get big ticket reforms bills including FDI in retail passed in Parliament," he told reporters on the sidelines of a conference here.

Replying to a question, Moily said Singh, who took charge of the Finance portfolio following resignation of Pranab Mukherjee, would also like to push through legislations like the Provident Funds Bill, Insurance Reforms Bill and Labour Reforms Bill, pending before Parliament.

FDI in retail would provide appropriate remuneration to farmers and producers, Moily said adding the demand and supply would become balanced.

"We need to put Competition Governance in place. This is one system which can tackle inflation. It will bring back the credibility of the rupee as well," he added.

Moily further said Singh had solutions up his sleeves to push the country's economy back on track as he "wields a magic wand".

"US President Barack Obama had said the entire world listens to Manmohan Singh when he particularly speaks on economy. When the entire world listens to him, I don't know why India doesn't. Once India starts listening to him, things will be different," he said.

Reacting to the corporate world's concern over "policy paralysis" in the country, Moily said there cannot be accusation on this issue if the big-ticket reform bills were passed in the monsoon session of Parliament.

Moily said he did not think there is a proper understanding among the corporates when it comes to passage of bills. "We have a Parliament where we have to convince every political party to pass a bill," he said.

He appealed to industry leaders such as Narayana Murthy and Azim Premji to strongly lobby with the opposition parties and tell them about its necessity.

"Policy paralysis is not with the Prime Minister or any body. It is more so because of the confrontation and unity of mind perhaps will change our future within a month's time," he said.