(a) whether the Governor of Reserve Bank of India has attributed the low annual growth rate of Gross Domestic Production due to
inefficiency prevailing in the financial matters;
(b) if so, the reaction of the government thereto;
(c) whether the Government have formulated any special programme
to increase efficiency in the financial matters; and
(d) if so, the details thereof and the time by which it is likely to be introduced?
MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI ANANDRAO V. ADSUL)
(a): The Governor, Reserve Bank of India in his inaugural
address at the twenty-fourth Bank Economists` Conference on
December 28, 2002 had emphasised the need for greater
productivity and efficiency to achieve the target of 8 per
cent growth in the Tenth Plan period and making the banking
system strong, efficient and on par with international banks.
(b), (c) and (d): The Government is conscious of the need for
improving efficiency and productivity in the economy and has
been taking initiatives from time to time in this direction.
One of the five priorities addressed in the Budget for 2003-04
relates to fiscal consolidation through tax reforms and
progressive elimination of budgetary drags.