Amid uncertainties over the pace of reforms and divestment under the new Congress-led government, Rajya Sabha member and former Reserve Bank of India Governor Bimal Jalan said on Monday that it is possible to take a "different view" on the sell-off process.
"It is possible to take a different view both in terms of the human-face and content. You (new government) must have the capacity to do what it wants to do," Jalan said at a Federation of Indian Chambers of Commerce and Industry conference in New Delhi.
Although there was a difference in view between the National Democratic Alliance and Congress and its allies, he said, "They are not vital."
While he was not opposed to populist measures like free power to farmers promised by the Andhra Pradesh government, Jalan said such reform was a welcome measure but it should not be at the cost of tax payers' money.
In this context, he stressed on "fiscal empowerment" and the need to reduce fiscal deficit both at the Centre and in states to ensure higher growth.
"I don't think there is any difference in view that we want high growth, lower poverty, low inflation, financial stability and a strong market. Unless you correct the fiscal problem, you cannot achieve what you want," he said.
Jalan also stressed on improvement in the public delivery system, legal reforms, corporate governance and the need to bring down corruption.
Prescribing a long-term fiscal policy, Jalan said tax rates should come down, procedures simplified and tax net widened.