``We are moving towards reconciling viewpoints of all the parties concerned: the licensor, regulator, the operator and the consumer,'' he said.

The group is expected to submit its recommendations to the Government in February third week. Singh, who also heads the high-powered task force on information technology, said that the final report on hardware would also be submitted within the next 60 days.

He said that the economy was expected to post a 5 per cent growth in the current fiscal notwithstanding the crisis in the east and south-east Asia, which impacted the country and its exports.

On economic liberalisation, the minister said that the developing countries like India would liberalise voluntarily but at varying speeds, as national interestsare not uniform. ``To expect developing countries to continually liberalise at an extremely ordered pace even within a rule-based regime may result in the opposite of what is desirable,'' he said.

Singh said that the government had taken further steps to liberalise the petroleum and natural gas sector, and bids for 48 new blocks would be invited soon under the new exploration and licensing policy, under a liberalised royalty regime.

The experience of the past few years has that centrally planned and controlled economies are not the right models for success or efficiency. The east Asian economic crisis has also proved that unbridled market forces cannot be a substitute to a well-regulated framework, where the state sets certain norms, guidelines, policies, and retains the capacity to ensure compliance.

``This is a matter for each country to determine, to draw its own road map for reform based on its own skills, resources, strengths and vulnerabilities,'' he said.