Govt firm on black money combat, PM tells industry | business | Hindustan Times
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Govt firm on black money combat, PM tells industry

Prime Minister Manmohan Singh on Thursday said the government was considering all measures, including legislative and administrative, to tackle corruption and improve transparency.

business Updated: Mar 31, 2011 22:14 IST
HT Correspondent

Prime Minister Manmohan Singh on Thursday said the government was considering all measures, including legislative and administrative, to tackle corruption and improve transparency.

“Comprehensive steps have been taken to strengthen the intelligence and implementing institutions to combat the menace of black money and rein in corruption,” Singh told the Council on Trade and Industry, which met here this evening.

The meeting of the Prime Minister’s 23-member council on trade and industry was being held at a time when government’s macro economic managers are grappling for options to sustain growth and keep prices under check amid corruption scandals that are hitting political and business sentiments.

Tata group chairman Ratan Tata, Bharti group chairman Sunil Mittal and Aditya Birla Group chairman Kumar Mangalam Birla were among those who are members of the council — a forum for policy dialogue between government and industry on important economic issues.

Singh said a group of ministers had been entrusted the task of considering issues relating formulation of a public procurement policy, review and abolition of discretionary powers enjoyed by ministers, and introduction of an open and competitive system for the use of natural resources.

“We are also committed to major reforms in education and skill development. We have started a programme to raise resources by sale of equity in public sector enterprises. Legal reforms aimed at reducing delays are another key priority,” he said.

The Prime Minister said the country needed to develop long-term debt markets and deepen corporate bond markets.

“This in turn calls for strong insurance and pension sub-sectors,” he said.