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Five airports up for grabs, says Sinha; 'India will be out of fiscal mess'

Finance Minister Yashwant Sinha tonight announced that the government is planning to give total management control of airports in Delhi, Bombay, Madras, Bangalore and Calcutta to private parties.

''The five airports are up for grabs for anyone who is interested,'' Sinha said at a dinner meeting in New Delhi with the United States' Commerce Secretary William Daley.

Besides, the government is also planning a similar exercise in roads, ports and oil exploration sectors to make them more attractive.

''We are trying to get the most modern facilities to these five major airports and towards this end, are planning to give 100 per cent management control to any private party,'' he added.

The government is also opening up investments in several knowledge-based industries.

''The possibilities of trade and cooperation are immense and meetings like this will help us fully realise these potential,'' Sinha said.

'India to move out of fiscal deficit net, record 7-8% GDP growth'

Sinha said the government is putting up a Fiscal Responsibility Act to help India permanently move out of the fiscal deficit problem.

Besides, efforts are being made to ensure that the country's GDP would grow at beyond six per cent this fiscal and at 7-8 per cent in the coming years, Sinha said.

Silencing critics that not enough has been done to rein in the fiscal deficit in the Union Budget 2000-01, the finance minister said, ''We are in the process of putting a Fiscal Responsibility Act and are talking with the states in order to bring down the fiscal deficit...I am sure that we will be able to balance the budgets of government of India and the states and permanently get out of the fiscal deficit problem.''

The country had recorded a 6.8 per cent GDP growth in 1998-99 and ''in 1999-2000, with little luck on the agriculture front, the growth rate is expected to be beyond six per cent.''

Terming the Indian economy to be among the fastest growing economies in the world, mr sinha expressed confidence that it was targetting a 7-8 per cent growth in the coming years. ''The rate of inflation is down to European standards and the only concern now is balancing the budgets of government of India and the states.''

Stating that the outlook was very bright and offered exciting opportunities for collaboration between India and the US, he said the government has decided that foreign direct investment would not be subject to any government and bureaucratic delays or hassles.

The group of ministers has also decided to look into various sectors in the coming days and define clearer policies wherever necessary. ''We will ensure that delays in implementation are ironed out and the states are fully involved in the implementation process.''

The government, Sinha said, is trying to streamline the implementaion process to ensure that all impediments are cleared. ''Any delayed projects will be taken up independently and the problems sorted out immediately.''

Calling for greater cooperation between India and the US, Sinha said the visit by US President Bill Clinton has opened several doors for greater cultural and economic linkages between the two nations.

''Prime Minister Atal Bihari Vajpayee and Clinton have written a new chapter in our relations. We are determined to ensure that their dreams will be translated into a reality.''

Sinha said he would be visiting the US in April and undertaking an ''India roadshow'' in New York and Washington. ''But I intend to take this roadshow to other cities of the US as well.''

The dinner meeting was organised by the Indo-US Joint Business Council.

UNI

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