Govt to push forward divestment, FDI

Stating that the government was eager to attract more FDI, Singh said that the principal impediment to FDI continues to be “rigidities and attitude in the system, which the government was committed to remove. If you ask me, whether we have removed all obstacles, I would say, no. We have to streamline the process of economic reforms in India,” he added.

Stating that “things are already looking up”, Singh said the economy was projected to grow by 5.5 to 6 per cent despite most adverse conditions of drought, global slowdown, uncertainties in the Gulf and stand-off with the neighbour.

Sharing Singh’s views, Paul O’Neill said “ I believe in the minister and I am impressed by the rural development especially women empowerment and micro credit system”.

The Indo-US bilateral discussions covered wide ranging issues including ways to strengthen financial markets to promote growth with special emphasis on enhancing private access to capital to support private sector development.

The vulnerability of financial system to abuse for terrorist purposes especially through the use of non-traditional remittance system figured prominently in the discussion.

In fact, earlier talking to the media Paul Boateng, UK treasury minister emphasised that the G-20 would take up the issue of blocking funds to terrorists as a major agenda. Outlining other key issues of the meet, Boateng said that globalisation, crisis management, aid to developing nations and development would be taken up in the G-20 meet.

Boateng said that the meet would review the the steps taken by various countries to ensure fund flow to terrorist outfits. According to the UK treasury minister, markets in various countries also need to exchange information to ensure funds are not transferred in any forms to the terrorists.