New Delhi, July 10
Prime Minister Atal Behari Vajpayee today spelt out the broad contours of the unfinished economic agenda involving a vigorous labour reforms programme, a major modernisation initiative for the Railways, accelerated disinvestment of PSUs, and a stronger regulatory mechanism.

“The Cabinet has decided to vigorously pursue labour reforms. Now the report of the Second National Labour Commission has also been received. I appeal to all major political parties for a consensus on labour reforms, so that we can soon give effect to the consensus through appropriate legislation. Above all, these long-delayed labour reforms will create more employment opportunities, thus fulfilling our shared objective of achieving growth with jobs, “ Mr Vajpayee said in his opening remarks at the meeting of the Council on Trade and Industry here.

In an oblique reference to the recent Xerox accounting scandal, the Prime Minister cautioned that the government could not allow “people’s faith in economic liberalisation to be shaken by those who do business with an ethical deficit”.

“Businesses, too, must reform themselves. The principle of good corporate governance is the touchstone of your commitment to reforms. Recent reports of accounting scandals elsewhere in the world are beginning to worry a lot of people about the bombshells hidden in the boom-time economy”, he said.

Stating that the complexion of the highway network in India was rapidly changing with the implementation of the National Highway Development Project, he mooted a similar big initiative for the modernisation of the Indian Railways.

He said the process of disinvestment had been transparent and the government would further accelerate disinvestment of PSUs, except those in strategic sectors.

“We will relinquish government involvement in production, and raise resources for the development of our social sector”, Mr Vajpayee said.

The Prime Minister said the new Finance Minister, Mr Jaswant Singh, had inherited an economy which was in a good shape and “which will, believe me, only get better in the months to come.”