In an impromptu press meet at the end of the US Investment Summit being held here, Bakht said it was a matter of concern that while 60 per cent of the cases of foreign technology imports came on the automatic imports, for the balance government approval was needed.

Now the government is considering giving permission to foreign owned Indian holding companies to make down stream investment in high priority areas under the automatic route.

The Central government is also actively considering allowing foreign direct investment (FDI) in housing, real estate and urban infrastructure and insurance.

Bakht said the Centre has taken a decision to close down 10 non-performing and non-functional public sector undertakings (PSUs). "This decision has come only after exhausting all revival options," he added.

On PSU disinvestment, theindustry minister said the government is thinking of adding three more PSUs to the list of those being slated for disinvestment. The government in the meanwhile will go ahead with disinvestment of Concor Corporation, VSNL, GAIL and IOC, he added and was optimistic that they will fetch a good price.

On the question of allowing swapping of shares among state-owned oil companies and whether it will not just amount to book jugglery, the minister said swapping too required investment and there was no reason why a government undertaking which had the resources could not buy shares in that of another. Such a move would be welcome, he said.

The Central government is also targeting a growth rate of 5.6 per cent as the Vajpayee government was committed to bringing about a turnaround of the economy. "All that is required to attain stage will be done," he asserted.

The minister categorically ruled out any disinvestment of equity in Maruti Udyog Ltd. On the contrary Maruti Udyog is working on introducing new modelsand these will be done `as soon as possible.'