PC reveals India's economic agenda

Finance Minister P Chidambaram on Friday said that if the Common Minimum Programme (CMP) is implemented effectively the economy will be stronger than it is today. Addressing the media in New Delhi on Friday, the finance minister said that tax rates would be conducive to growth and investment and safe avenues created for small investors. Foreign Institutional Investors will also be encouraged. Asserting that agriculture will be the top priority, he said all irrigation projects will be completed within three to four years. He also said that public and private investment will be encouraged in agriculture. Chidambaram said that, the CMP is a combo of amalgamation of initiatives taken by the Rajiv Gandhi and the Narsimha Rao governments. We have factored in our experienced gained in 6-8 years. He added that, as a reformer I am proud to implement CMP. If the CMP is implemented properly it will make the people richer and happier. The new finance minister also said that he will look into orderly development of capital markets. Finance Minister also said that the government will find resources to fund public investment and will make every effort to keep inflation under control. He further added that industry as a whole and the manufacturing sector in particular would be given greater importance Apart from these, the finance minister said that the Congress government will focus on certain areas and reiterated some points: â—� Government will take measures to prevent misuse of double taxation avoidance treaties. â—� Profit-making PSUs will not be privatised. â—� Physical infrastructure including, railways, roads and airports will be developed. â—� Public sector investment in infrastructure will be enhanced. â—� Private generation and distribution of power will be encouraged. â—� Investment in the fields of high-tech, infrastructure and sports will be encouraged. â—� Public sector banks will be given managerial autonomy. â—� FIIs will be encouraged. â—� Small investors will be given new avenues for safe investment. â—� Tax rates will be conducive to growth and investment. Stability and moderation of taxes will be the aim. â—� VAT will be implemented as early as possible. â—� Funds will be credited directly to elected panchayats.

PC reveals India's economic agenda

The Finance Minister said that agriculture would be top priority of the Congress-led government and that the economy will be stronger in 5 year's time if the CMP is implemented effectively.

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