Government has declared that there would be 'no holding back' on reforms due to economic slow-down and Finance Minister Yashwant Sinha set up an advisory committee on financial sector reforms.
"Reforms will not be on hold because of slow-down or the gloomy news about the economy," Sinha said inaugurating the annual Economic Editors Conference on Tuesday, but admitted that the second generation reforms were going to be more difficult and time-consuming. Announcing an eight-member advisory committee on financial sector reforms, Sinha said its immediate task would be to recommend administrative action to provide more teeth to banks and financial institutions to improve efficiency and deal with issues like non-performing assets. The advisory panel, headed by former Telecom regulator and former SBI chief M S Varma, would comprise Deepak Parkeh (HDFC) K V Kamath (ICICI), Ravi Narayan (NSE), Ravi Mohan (CRISIL), C Bhave (NSDL), Omkar Goswami (CII) and Rakesh Mohan (economist). Bureau Report