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Dr Manmohan Singh: Gloom in economy gone

Mumbai, Nov 11 ():  PM Dr Manmohan Singh claimed that the gloom that had descended on the industry is lifted and now doubts over taxation will be cleared so that investors from abroad would feel relaxed.

India Inc which turned out to attend the Economic Times award was also told by Union Minister Kapil Sibal that the functioning of the Govt was affected because of CAG, the media and courts. Despite all this there was no policy paralysis and if there was one it was in the Parliament, he added.

Citing new laws for banking and insurance and higher FDI in the latter as well pension bills which have to be passed by Parliament will spur economic growth, PM Manmohan Singh said.

Global slowdown affected India and growth which came down to 6.5% will level to 6%. Factors like GARR did play with the investors thinking coming to India he added. Referring to the cap on 6 gas cylinders and petrol hike, PM Dr Manmohan Singh said he would do everything possible to protect the common man’s lifeline.

Anand Sharma, commerce and industry minister was asked by HDFC Chairman Parekh as to how the Govt was planning to activate the bureaucracy that goes into inactive mode when scams surface. Sharma said that there was a tendency to raise allegations and then back off but India has its rules that will take care of any wrongdoing.

Sibal put the blame on disruption of Parliament by which laws could not be passed. The problem started when in 2010 the court cancelled 122 telecom licences but the Govt acted quickly to set right the anomaly he claimed.

Montek Singh Ahulwalia of the Planning Commission said that in two weeks the fate of National Investment Board would be known. Environmental ministry led by Jayanthi Natarajan did not feel the need for it as her ministry was giving green licence to infrastructure projects but Ahulwalia felt it was necessary.