PTI
 
Hyderabad, Jan 8: Notwithstanding the opposition from the left parties, which extends crucial outside support to the Congress-led UPA Government, Union Finance Minister P Chidambaram has taken the Overseas Indians into confidence ahead of the Budget session in February, saying that ''the Government will stay firmly on course of economic reforms and will bring key bills for reforms in the financial sector during the budget session.   

Promising more reforms in the capital market as also in the Banking sector, he said the bills to amend the Reserve Bank of India act, Banking Regulation act and liberalise the pension sector as well as the insurance sector would be introduced in the session beginning next month to ensure that the Finance sector become stronger and played a key role in the country's economic development. 

While launching the online remittance system to facilitate instantaneous transfer of money from the account of NRIs to any branch within the country, on Sarurday, he said, amidst applause that he wanted to bring down the non-performing assets of banks from the present about two per cent to just one per cent in the next two to three years.

He impressed the NRIs that the Balance of Payment position was healthy by saying that five billion US Dollars were repaid for the debt mobilised through the Indian Millenium Development bonds without causing any ripple in the Indian economy. Even after the payment foreign exchange reserves were a comfortable 137 billion US dollars.

Informing the Overseas Indians that the UPA Government was committed to continuing liberalisation of external trade, Chidambaram also said the Government believed in a flexible exchange rate policy. In the recent times, the rupee had two-way movement resulting in an unusual phenomenon of both the Dollar and Rupee getting strengthened, he added.

Asserting that his goal was to keep the inflation below five per cent, Chidambaram said low inflation meant low lending rate, lower cost of investment, which would trigger long term investment projects and at the same time help the poor purchase essential commodities at affordable prices. ''Price stability is the paramount goal of the UPA Government,'' he added.

''We recognise you (NRIs) as very special for your valuable contribution to the Indian economy'', the Finance Minister said exhorting them to avail of the investment opportunities in the country.'' we will not betray the trust reposed in the government'', he added.

Indians working in the country and abroad were united in the love for their motherland and pride would come only when the country becomes prosperous and poverty is eradicated.