Talking to newspersons here after inaugurating a meeting organised by the Federation of Indian Chambers of Commerce and Industry (Ficci) Bakht said, ``We have not taken any decision on disbanding the board as yet.''

He added that the government would continue to use the discretionary powers conferred on the FIPB to clear foreign direct investment proposals on a case-by-case basis.

The previous industry minister Murasoli Maran had stated that the government would disband the FIPB and entrust the task of attracting foreign investment to the states.

Bakht further stated that there was no conflict between swadeshi and liberalisation. He felt that the BJP's definition of swadeshi was being misunderstood and misinterpreted.

The industryminister reiterated that the BJP-led government was committed to attracting foreign investment in infrastructure and hi-tech areas.

``There is no question of discouraging reforms process. The government will appraise reforms by giving primacy to accelerated development. FDI is welcome not only for the capital and technology associated with it but also the employment and exports it can generate,'' Bakht said while delivering his inaugural speech.

He added that he would undertake an intensive programme of interaction to promote investment soon after the Budget session.

Bakht clarified that his Government was not against liberalisation of the consumer goods sector, but was keen that the opening up of this sector be relatively slower than the infrastructure and hi-tech sectors.

He further stated that his government intended to chalk out a programme for promoting local industry. The minister felt that if India is to emerge as a strong economy, domestic investment should not be inferior in competition orproductivity. ``There will be a strong commitment to make domestic investment equally competitive and productive to face global competition.The minister stressed that the government is committed to the growth path and realised the need to quickly reverse the deceleration in economic growth.

``Growth is the centrepiece of our vision of a strong India. Without growth the goals spelt out in the national agenda for governance will mostly remain in paper.'' He further added that the government would support ``whatever contributes to growth, employment and revenues''.

Bakht felt that the initiatives and reforms measures have to be pressed forward in area of Intellectual Property Rights. Meanwhile, the Industry Minister has set up an expert group under the chairmanship of Raja Ramanna to advise him on matters of IPRs. He added that he proposed to formulate a major project for strengthening and streamlining the intellectual property administration to provide better services to inventors, traders and other usersof the system. The government is also expected to review the policies for the small scale and sector and public sector.