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New Delhi , Nov. 23

THE Union Finance Minister, Mr Jaswant Singh, today exhorted India Inc and other stakeholders in the economy to build on the strong economic fundamentals of the country, which he claimed are currently much better than in the past five decades.

Inaugurating the India Economic Summit-2003, he told captains of industry and foreign delegates that the Indian economy was fast approaching "a point of criticality", which when reached would result in an "explosive" growth for the economy.

"We will soon reach that point (of criticality). As the manager of Indian economy, I can assure you that the economy is much better. There is empirical data to show this. But I will not be arrogant to say that the task is over."

The three-day summit is jointly organised by the Confederation of Indian Industry (CII) and the Geneva-based World Economic Forum (WEF).

Mr Singh said that the Government would bring about greater banking and insurance reforms apart from going ahead with the disinvestment process despite hiccups due to adverse court orders in specific cases of sell-off.

He also reaffirmed the Government's commitment to contain fiscal deficit.

The Finance Minister called upon every Indian to create wealth and consider creation of wealth as part of the goal of Indian economic thought.

On banking reforms, he said that the issues on shareholding patterns and licensing of private banks were being revisited. "I am already in consultation with the Governor of the Reserve Bank of India (RBI) on this issue."

The re-insurance sector would be the next focus of reforms in the insurance sector. "I will have to carry the Parliament with me on these reforms." On the issue of the rupee strengthening against the dollar, Mr Singh said that the rupee was getting firmer only against the dollar and not against the euro.

"I have advised my exporter friends to should look at the euro. There should be diversification," the Finance Minister said, hinting that there would be no Governmental intervention on the strengthening of the rupee against the dollar.

Regarding disinvestment, Mr Singh assured industrialists that the disinvestment programme would not stop. "The Government is not discouraged by the intervention of the courts."

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