The Hindu : Investor confidence my priority: Jaswant

Online edition of India's National Newspaper
Friday, Jul 05, 2002

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Investor confidence my priority: Jaswant

By Our Special Correspondent

The Union Finance and Company Affairs Minister, Jaswant Singh, being welcomed by the Minister of State for Finance, C. Ramachandran, at North Block, New Delhi, on Thursday. — Photo: Anu Pushkarna

NEW DELHI JULY 4. The new Union Finance Minister, Jaswant Singh, had some comforting words for the middle class and the poorer sections today when he said that his new job was all about ensuring food for the poor and more money for everyone. Instilling confidence in investors — both domestic and foreign — would also be among his priorities, Mr. Singh said after he assumed formal charge of his assignment this morning.

Aware of the criticism against his predecessor, Yashwant Sinha, of "neglecting" the concerns of the middle class and the vulnerable sections of society, Mr. Singh said that his job was to ensure food for the poor and more spending power for the citizens. "Garib ke pet me anna pounche (food should reach the stomachs of the poor) and there should be more money in his (citizen's) pockets and in the purse of the housewives'' was his perception of the role of the Finance Minister, Mr. Singh said. The Minister had a surprise comment when he said that he did not perceive his role as that of a policeman. It would be his task to instil confidence in domestic and foreign investors, besides trade and industry. Obliquely referring to the series of recent scams in financial institutions, Mr. Singh said "we need to address the regulatory mechanism which had shown some infirmities.''

About the overall economic situation, Mr. Singh said the prices were under reasonable control, the balance of payments position was comfortable and the fundamentals were sound. "I have to continue to strengthen the fundamentals and to address some of the infirmities,'' he said and added that the 5.4 per cent economic growth in 2001-02 was no mean achievement, given the difficult global economic situation and other adverse factors. Responding to a question on important pending economic legislation, Mr. Singh said that once the Parliament session started "we will be addressing all those.''

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