Talking to newspersons soon after assuming charge of his ministry here on Friday, Prabhu said, "We should have a national debate on the issue and take a decision accordingly".

In the fertiliser sector the government would try to make policies which would reduce the industry's dependence on the government, he said. "The industry has been regulated in such a way that its entire existence now depends on the government. We would have to gradually move towards a regime in which the industry could stand on its own."

Prabhu, however, added that the decisions would have to be taken keeping in mind the interest of the nation. "The transition phase will be a difficult and testing phase for the government. We will have to be very careful while taking decisions and ensure that they should not hamper the interest of consumers or endanger food security."

Prabhu promised that long-term policy initiatives in the fertiliser and chemical sector would be announced in a week's time.

In the pharmaceutical sector, Prabhu said that the pricing policy and the controls imposed by the government on the manufacturers should be relooked into. The interest of the consumer, however, has to be given top priority, Prabhu emphasised.

Prabhu said that his government would give a thrust on improving R&D in the pharma sector. In the new regime of Intellectual Property Rights, Prabhu said, the Indian industry has to tighten its belt to ensure that it does not lag behind. "The Indian pharma industry has not only to retain the Indian market but also make inroads in the international market."

The chemical industry has a huge export potential which has not been effectively tapped, Prabhu said. He said that the government would ensure that cleaner technology is inducted in the chemical industry to protect the environment.

He added that a centre for excellence would be set up for the sector which would help the industry to move ahead.