Source: Hueiyen News Service / Agency
New Delhi, June 04 2009:
PRESIDENT Pratibha til on Thursday outlined the United Progressive Alliance (UPA) government's broad agenda for the next five years, with economic revival, infrastructure development, financial sector reforms and divestments in state-run enterprises being accorded high priority.
"Our immediate priority must be to focus on mannagement of the economy that will counter the effect of the global slowdown by a combination of sectoral and macro-level policies," Patil said during her address to a joint session of Parliaament.
"My government will focus attention on sectors that are adversely affected especiaily small and medium enterprises, exports, textiles, commercial vehicles, infrastructure and housing," she said.
This was the President's first joint address after the general elections that gave a second term to the UPA govvernment under Prime Minnister Manmohan Singh and constituted the 15th Lok Sabha.
Her speech was earlier cleared by the cabinet.
The President also said the government will seek to remove bottlenecks and delays in implementing infraastrudure projects, especiallly in the railways, power, highways, ports, airports and rural telecom sectors.
"Infrastructure is a funndamental enabler for a modern economy and infrastructure development will be a key focus area for the next five years.
Public investment in infrastructure is
of paramount importance," Patil maintained.
She ruled out privatisaation of state-run enterprisses, but said a road map will be prepared for the public at large to hold stakes in them and to list them on stock exchanges.
"Our fellow citizens have every right to own part of the shares of public secctor companies while the government retains majority shareholding and conntrol," she said, adding the 'state will continue to hold 51 percent or higher conntrol.
The President also hintted at reforms in the financial sector, saying steps will be taken to pump more capital into banks and enact legislation to set up a pension regulator - a precursor to allowing foreign equity in this
area.
"Our country has benefited from large foreign direct investment flows in reecent years.
These flows, esspecially foreign direct innvestment, need to be enncouraged through an approopriate policy regime," she said.