Date:07/12/2004 URL: http://www.thehindubusinessline.com/2004/12/07/stories/2004120700070801.htm

Back Growth with equity

The government, in a major financial sector reform, has decided to allow 74 per cent foreign direct investment in private banks to open up the sector by the end of this year. Addressing the India Economic Summit, the Finance Minister, Mr P. Chidambaram, said the two other priority areas would be insurance and pension sectors for foreign direct investments.

The government has also appointed a three-member Investment Commission, headed by Tata Group chairman, Mr Ratan Tata, for investment promotion, through which it hopes to bring in billions of dollars. Will the Prime Minister appoint another panel to see that growth is combined with social justice?

Dr V.S. Venkatavaradhan

Prasanna S

Salem

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