New Delhi, June 17(ANI): Union Finance Minister Pranab Mukherjee has stressed on the need to sustain and pursue the efforts currently underway to reform the international and national policy regimes for better managing the forces of globalization.
He was speaking after inaugurating the National Banking Conclave organized by ASSOCHAM on the theme "Challenges and opportunities in a Trillion Dollar Economy", here today.
Mukherjee said that India has been more fortunate in surviving the global crisis and the economic slowdown of 2008 without major disruptions.
"Our major challenge in the short-term is inflation, which has implications of sustaining our growth momentum," he said.
"In the past few weeks we have taken measures to address inflation concerns. The monetary policy has been gradually tightened and at the same time new initiatives were announced in the Union Budget to address some of the bottlenecks in the food supply chain that were behind the inflationary spikes in 2010-11," he added.
Mukherjee further said that the medium term growth prospects of the economy remain buoyant.
"We need to aim at a GDP growth of 9 to 9.5 percent for the Twelfth Five Year Plan period," he said.
"We are in the process of deepening policy reforms in the financial sector and addressing gaps in the overall economic regulatory architecture. In the Budget proposals for 2011-12, a significant legislative agenda for the financial sector has been outlined," he added.
The Finance Minister also said that a Financial Sector Legislative Reforms Commission has been set up.
"The RBI is in the process of issuing additional banking licences to private sector players and discussions are underway to further liberalise the FDI policy," he said.
He stated that major steps are being taken to simplify and place the administrative procedures concerning taxation, trade and traffic and social transfers on electronic interface, free of discretion and bureaucratic delays. (ANI)
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