India Inc welcomes PM's statement on growth

New Delhi, July 6 (IANS) India Inc Friday welcomed Prime Minister Manmohan Singh's promised action on several fronts to restore investor confidence, including clarity on tax matters.

"This is an opportune time to undertake financial sector reforms aimed at intermediating household savings to financial instruments that could be used for productive investments," said Confederation of Indian Industry (CII) Director General Chandrajit Banerjee.

Prime Minister manmohan Singh in an exclusive e-mail interview to a national daily Friday listed five areas as his priority in the short run to keep the India story going.

Another industry lobby, the Federation of Indian Chambers of Commerce and Industry (Ficci), also welcomed the Prime Minister's assertions that the government is focusing on reining in the fiscal deficit and attracting investments.

"Prime Minister's statement on cutting down infructuous procedures and reducing the time taken by the government to respond to business proposals will surely go a long way in erasing the impression that there is policy paralysis," said R.V. Kanoria, president, Ficci.

The Associated Chambers of Commerce and Industry of India(ASSOCHAM) suggested that the Prime Minister's Office (PMO) should be entrusted with the responsibility of monitoring the implementation of projects within a time frame.