We will alter policies to accelerate growth: PM
need to complete the exercise that was begun on GAAR and taxation of the IT sector. The day before yesterday, the Cabinet has approved the constitution of a Cabinet Committee on Investment.
"This would help in the issue of clearances for major projects in a time bound manner. We will speed up the disinvestment process which will also revive our equity markets," he said.
The Prime Minister said the government was bringing greater clarity on the FDI policy in the pharma sector.
Besides, the Railways is working on a Rail Tariff Authority "which will make fare setting a more rational exercise".
He said the government has already put in place a package for reviving Discoms contingent on better performance.
"The Direct Tax Code and the Goods and Services Tax Bills are high on our priority. The Land Acquisition Bill recently approved by our Cabinet with all the misgivings (expressed by the industry) will soon usher in a more fair and transparent regime for land acquisition," Singh added.
He said some of the decisions government took were politically difficult and the "naysayers and the cynics have tried to halt us in our tracks".
"But we had the courage of our conviction and the interests of our people at heart," he said.
Referring to subsidies, Singh said last year the central government's fiscal deficit touched a high of 5.9 per cent of the GDP.
"This was clearly unsustainable," he said, adding, Finance Minister P Chidambaram has come out with a roadmap to
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