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3Cs often create roadblocks- Singh: The Pioneer
New Delhi, Jan 26: Finance Minister Jaswant Singh has made a strong plea to deal with the 3C factors as banks and financial institutions are unable to work effectively. He identified these 3Cs as Central Vigilance Commission, Central Bureau of Investigation and Comptroller and Auditor General (CVC, CBI and CAG). He had tried to remove these roadblocks during the past one year but a lot more needs to be done.
New Delhi, Jan 26: Finance Minister Jaswant Singh has made a strong plea to deal with the 3C factors as banks and financial institutions are unable to work effectively. He identified these 3Cs as Central Vigilance Commission, Central Bureau of Investigation and Comptroller and Auditor General (CVC, CBI and CAG). He had tried to remove these roadblocks during the past one year but a lot more needs to be done.
Mr Singh said fluctuations in the share market should not be a cause of any concern. "The Sensex is undergoing a correction and it will group again. I am confident about it."He said when the Sensex crossed the 6,000-mark, it was asked why the feel-good factor is allowed to be attributed to the share market alone. Now that the share market has gone down, the same set of people are saying that the feel-good factor is diminishing. "But there is no cause of panic as economic fundamentals are very strong."
In an interview to Dainik Bhaskar, first after the pre-Budget announcement, Mr Singh also made an interesting observation while talking about the feel good factor. "This feel-good is not like getting up early in the morning, doing physical exercise, massaging the body and taking a long bath. This feel-good factor is stable and strong. It is on and it shall be on for a long time and none should have a doubt about it.
In reply to a question about his style of functioning, Mr Singh said: "I have ordered my officers that no file should remain on my table for more than 1/2 an hour and no paper should remain pending in the Finance Ministry for more than 12 hours. I have told them that file and Jaswant Singh are sworn enemies. Both cannot stay together for a long period."
He conceded, though obliquely that his heart was in the External Affairs Ministry. But in his long career and also as an Army officer he neither took interest in his posting nor asked for it ever. Wherever he has posted, he gladly accepted and did his job to the best of his ability. The Prime Minister asked him to go to the North Block and he followed his instructions. Mr Singh vehemently denied that he was doling out largess from the state exchequer for electoral gains. He said the series of announcements he has made would entail a revenue loss of Rs 8 to 10,000 crore per year. But this loss will be offset by higher collection due to huge increase in the productivity.The GDP is over 8 per cent and the economy is moving towards a record growth.
When asked whether he was never for populism and had even offered to quit when his partymen pressed for such measures, Mr Jaswant Singh ducked the issue and said in a lighter vein, "My heart is the same. It has not undergone a heart transplant either. But political situations are never the same."
However, he clarified the pre-budget announcements were essentially made to give a clear signal to the people about the continued pace of reforms. He said that he was not worried about the rate of inflation as "it was seasonal and would come down in the next few weeks," he asserted.
In an interview to Dainik Bhaskar, first after the pre-Budget announcement, Mr Singh also made an interesting observation while talking about the feel good factor. "This feel-good is not like getting up early in the morning, doing physical exercise, massaging the body and taking a long bath. This feel-good factor is stable and strong. It is on and it shall be on for a long time and none should have a doubt about it.
In reply to a question about his style of functioning, Mr Singh said: "I have ordered my officers that no file should remain on my table for more than 1/2 an hour and no paper should remain pending in the Finance Ministry for more than 12 hours. I have told them that file and Jaswant Singh are sworn enemies. Both cannot stay together for a long period."
He conceded, though obliquely that his heart was in the External Affairs Ministry. But in his long career and also as an Army officer he neither took interest in his posting nor asked for it ever. Wherever he has posted, he gladly accepted and did his job to the best of his ability. The Prime Minister asked him to go to the North Block and he followed his instructions. Mr Singh vehemently denied that he was doling out largess from the state exchequer for electoral gains. He said the series of announcements he has made would entail a revenue loss of Rs 8 to 10,000 crore per year. But this loss will be offset by higher collection due to huge increase in the productivity.The GDP is over 8 per cent and the economy is moving towards a record growth.
When asked whether he was never for populism and had even offered to quit when his partymen pressed for such measures, Mr Jaswant Singh ducked the issue and said in a lighter vein, "My heart is the same. It has not undergone a heart transplant either. But political situations are never the same."
However, he clarified the pre-budget announcements were essentially made to give a clear signal to the people about the continued pace of reforms. He said that he was not worried about the rate of inflation as "it was seasonal and would come down in the next few weeks," he asserted.