PM's panel to prepare growth paper

PM's panel to prepare growth paper
ENS ECONOMIC BUREAU

July 17: The Prime Minister's economic advisory council has decided to prepare a common approach paper detailing measures to put India on a high growth pedestal.

Talking to newsmen, principal secretary to Prime Minister N K Singh said that the approach paper would be widely debated for evolving necessary policy prescription.

Earlier, presiding over the meeting, Prime Minister Atal Behari Vajpayee called for a concerted approach to sustain the momentum of economic changes, "if India is to achieve the rates of growth necessary to eliminate poverty".

The Prime Minister also expressed the optimism that about achieving a seven per cent Gross Domestic Product (GDP) growth rate during the current fiscal. "The problem is one of sustaining a genuine national consensus and of achieving a truly bi-partisan support", Vajpayee said adding "the economic agenda which is in India's long-term interest can and must be depoliticised".

Given the stable macro-fundamental and a credible programme for sectoral reforms, the economic outlook continues to be optimistic, he told the council members, adding the initiatives in the area of information technology has caught the imagination of the rest of the world.

Vajpayee said he has been assured that the ambitious road programmes is on the track and 1000 kms would be completed this year besides finalisation and awarding of contracts for another 3000 kms before the end of this year. "The high density corridors which have been identified should attract private investment," he hoped.

Prime Minister said the ministry of surface transport has been asked to accelerate their port corporatisation programme. "I believe that a more pro-active approach to sort out project specific constraints will enhance investment flows and improve realisation ratio from a large volume and value of approved proposals for foreign direct investments", he said.

This is the second meeting of the reconstituted Prime minister's economic advisory council which was attended among others by former RBI governor, I G Patel, secretary of the economic cell of BJP Jagdish Shettigar and Rakesh Mohan of National Council of Applied Economic Research.