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Privatisation of power sector will be enhanced, says 'Ranga'

Power Minister P R Kumaramangalam today said the privatisation of power sector would be enhanced and reforms in the state electricity boards intitiated.

Speaking at the 1999 East Asia Economic Summit organised by the World Economic Forum in Singapore, Kumaramangalam outlined the proposed reforms in the power sector in India. Leading a CII team of business leaders at the summit, he said the power ministry had already worked out a 100-day agenda to carry out the proposed reforms.

Highlighting the implementation of the National Telecom Policy and opening up of the insurance sector as being high on the priority list of the government, Kumaramangalam also reiterated the government's commitment to overall reforms.

The overall reforms included focus on the economy, need for new laws and a new mindset, carrying forward of financial sector reforms, fiscal correction, expenditure management, deeper tax reforms, privatisation of PSUs, measures to promote foreign investment, education, healthcare and infrastructure development.

Kumaramangalam said that with a mature and stable democracy in place, India is on a fast track for growth and is all set to transform itself into a knowledge economy in the 21st century.

Tarun Das, director general, the CII, lauded the commitment of the government in driving economic policy and reforms and pointed out that this was reflected in the decision of the prime minister in designating the power minister to attend the East Asia Economic Summit.

UNI

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