Washington: Asserting that the UPA (United Progressive Alliance) Government will carry forward the reforms process, Union Commerce and Industry Minister Kamal Nath has said privatisation with a "human face" will be the new mantra even as he welcomed foreign direct investment (FDI) into the country.

"Our Government welcomes FDI... you can be sure investors will find a very conducive atmosphere in India," Nath assured American businessmen and industrialists yesterday (June 8, 2004) at the first meeting of the US-India Business Council here.

He dismissed reports that the Government had abandoned privatisation and said there will be "a host of privatisation opportunities" and the gains will be linked to designated social development sectors.

The Government is committed to raising the level of spending on education and health so that the Indian population will be healthier and better educated, he said in his address to the Council via live video conference.

The Minister welcomed the launching of the US-India Trade Development Partnership and said that the business-led initiative will deepen and widen the scope, scale and quality of the two-way commerce between the US and India.

"It is significant," he said, "that India is the fastest growing trade partner of the United States."

Nath pointed to India's huge and expanding markets, talented work force and stable and democratic society.

Among others who sought to calm the nerves of American business community were Rakesh Sood, Charge d'Affaires of the Indian Embassy, V S Seshadri, Minister (Commerce) at Indian Embassy, FICCI Secretary General Amit Mitra and CII Director Tarun Das.