He said budget exercises alone will not bring about any remarkable changes in Tax:GDP ratios and what was required was to tone up tax administration through modernisation and removal of procedural "irritants".
In this context, he said, "The government was examining, for the first time ever, outsourcing of bureaucratic functions."
Singh said the Kelkar panel's suggestion on tax reforms had stressed on increased application of IT and reduction in the interface between the taxpayers and the tax officials.
He also said the computerisation of the Department of Company Affairs was the need of the hour as it was not possible for the government to assess 6,00,000 balance sheets.
Singh stressed on economic security saying India's place in international community depended on it.
"The first security is economic security and from that others flow. That is why, it cannot and should not be condemned to a budget specific attention span," he said.
Referring to the reforms process, he said Parliament has cleared a large number of economic bills which was not done in
the past several sessions.
"I hope, before this session ends, more legislations will be passed," he said, adding the Bill on Fiscal Responsibility
was under consideration.
Commenting on second or third generation reforms, Singh stressed on application of IT, innovations and rapid
technological progress in all spheres of the economy.
He also said stress should be given to agriculture and agro-processing industries, biotechnology, pharma, and other
knowledge-based industry to ensure higher rate of employment and income generation.
Singh also said housing and tourism needs to be encouraged.