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PM hints at more liberalization of FDR regine in coming months --


NEW DELHI: Expressing commitment to continue with reforms, Prime MinisterManmohan Singh on Wednesday indicated government will further liberalise FDI regime in the coming months and push the land reforms measures.

"The liberalization of FDI in multi-brand retail, civil aviation and other areas, are important signals. We are reviewing the FDI policy comprehensively to see what more can be done in the coming months," he said at the CII annual meet.

The private sector, the Prime Minister said, needs an environment in which enterprise can flourish and create both jobs and stimulate growth to ensure that it remains inclusive.

"The environment today is not what it should be, and that is what the Government must correct," Singh said adding that more reforms are being considered by the government.

Meanwhile, talking to reporters, commerce and industry minister Anand Sharma said that further liberalization of foreign investment norms could include raising FDI cap in sectors like insurance, banking and defence in a "calibrated and incremental" manner.

Elaborating on other reform measures being contemplated by the government, the Prime Minister said "the Land Acquisition and Rehabilitation and Resettlement Bill has been cleared by the Cabinet and will soon go to Parliament". The long awaited land bill seeks to address problems of the industry with regards to acquisition of land for setting up green field projects.

On the Financial Sector Legislative Reforms Committee (FSLRC) recommendations, he said, they were being "carefully considered" by the government. Headed by Justice (retd) B N Srikrishna, the FSLRC, among other things, has recommended setting up of a unified financial agency as an arching regulator after amalgamation of SEBIIRDA, PFRDA and FMC.

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