Industry & Economy
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Economy
`Govt committed to implementing finance panel suggestions'
Our Bureau
New Delhi
,
Dec. 21
THE Government is fully committed to implementing the recommendations of the 12th Finance Commission, according to the Union Finance Minister, Mr P. Chidambaram.
Replying to a debate on the Supplementary Demand for Grants (General) for 2004-05 in the Lok Sabha on Tuesday, Mr Chidambaram also said that the 12th Finance Commission report would be soon tabled in Parliament.
He added that the Prime Minister, Dr Manmohan Singh, had already assured that the recommendations of the 12th Finance Commission would be implemented.
"Our desire is to build co-operative federalism. I appeal to all State Governments, whichever party they are headed by, to co-operate with the Centre in making India a vibrant economy," Mr Chidambaram said.
On the textile industry, he said that the tax regime on the textile sector would "remain stable for the full term of the UPA Government. We are not going to tinker with the tax regime and the textile sector must take advantage of it."
He added that a "helpful tax regime for the man-made textiles sector" would be put in place to make it more globally competitive. On the Golden Quadrilateral project, the Finance Minister said that the revised target date for completion of the project was December 2005.
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