Banking and Financial Sector Reforms may take place: Prime Minister of India


Prime Minister Manmohan Singh on 13, March 2007 said that India is committed to fiscal consolidation and infrastructure development.

The Prime Minister while addressing the 12th business round-table with the governments organized by The Economist, said that the country needs more reforms in banking and financial system, so that the underlying potential of savings and resources can be mobilized and developed efficiently. He said that India would bring fiscal deficit to levels set in Fiscal Responsibility and Budget Management Act. He added that a massive increase in investment in both public and private, domestic and foreign in infrastructure will be done through public-private partnerships, systematic bidding system, viability gap funding and standardised approval procedures. There is also the need to improve the quality of governance and public service delivery mechanisms, particularly in the social sector.