Prime Minister Manmohan Singh on Tuesday said a committee would be set up under his chairmanship to monitor the focus of all key infrastructure projects.
The Planning Commission would function as an executive arm of the committee on infrastructure, identifying bottlenecks in policy implementation and guiding the relevant ministries to speed up projects.
Emphasising the government's commitment to push up economic reforms to attain 7-8 per cent growth annually, the prime minister said: "The time has come for us to move ahead on the unfinished part of the agenda."
"I do not have to reassure this audience about my commitment to economic reforms and growth. However, I do so because I am fully aware of the apprehensions and anxieties that many of you entertain," he said, inaugurating the JRD Tata centenary celebrations organised by Assocham.
"Let me assure you that our government is committed to taking this country forward on the path of modernisation and industralisation to make India a superpower of knowledge economy," he said.
He also reminded the captains of industry of their responsibilities and duties and said: "We must do this (making India a superpower of knowledge economy) by walking hand in hand."
He said government will ensure a regulatory framework that is transparent, independent of government and provides impartial balance between public and private sectors.
The government will also ensure the regulatory framework is based on international best practices, Singh said.
The prime minister said he has asked the Planning Commission to prepare a paper indicating the regulatory structures for different areas such as power, roads and ports.
The paper will look into the gaps in the existing system, comparing them with international best practice and recommend changes in the existing policies, if necessary.
To end the tyranny of over-inspection, Singh said he would reconstitute the Prime Minister's Council on Trade and Industry. One of the focus areas of the council will be reduction of 'inspector raj.'
Against just six inspections of a factory in China, factories in India have to go through 30 inspections.
Much of this, however, is in the realm of state governments. Further reforms of industrial and tax policies, efficient functioning of municipalities and renewal of urban infrastructure along with ending the 'inspector raj' are the issues that the state governments much address.