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'Govt will no longer hold industry's little finger to help, keep pace with world': FM

Finance Minister Yashwant Sinha today said the government will further reduce import tariff in the next two years. The Indian industry must brace up for greater global competition, he stressed.

''The industry will have to keep pace with import tariff levels prevailing in other Asian countries,'' Sinha said here.

He further stated that the government will simplify procedures to boost exports. On the monetary policy, he said, it is satisfactory and the final decision on interest rates and real value of the rupee would be taken by the Reserve Bank of India.

He also expressed confidence that the Union Budget for 1999-2000 will be passed by Parliament in spite of political uncertainty at the Centre.

Forecasting a better economic scenario for the rest of the year, he said good corporate governance, which is transparent and aided by an able political leadership is a must for economic growth.

''There is a lingering feeling in domestic industry that the government will hold their little finger and support them. This must change.''

India is a peripheral player in the global market at present and the global competition within the country will further increase. If the Indian industry can not compete globally, it would not be able to compete domestically as well, he said.

Meanwhile, Hindustan Lever, Reliance Industries, Larsen and Toubro, Titan Industries, MRF Limited, Telco, ITC Limited, Bajaj Auto, Brooke Bond-Lipton and Ranbaxy Laboratories have been adjudged the companies which best exemplify qualities of corporate leadership.

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