Speaking at a conference on India's economic reforms on "government perspective on reforms", organised by the Indian School of Business here, he said the state governments which were implementing VAT have been getting positive results during this financial year. He said BJP led state governments who were not implementing the VAT had also agreed to implement it from 2006.
Stating that the Foreign Direct Investments (FDI) in retail and food proccessing sectors were on the anvil, Mr Narayan said the FDIs were primarily coming through mergers and acquisitions in small and medium enterprises in the country.He said the manufacturing sector has grown at 9.13 percent during 2004-05 as against 5 per cent in 2000-01. Capital goods grew at 13.95 per cent and consumer goods grew at 11.7 per cent during 2004-05.
