Saturday, December 24 2005 13:48 Hrs (IST) - World Time -

New Delhi: Hinting at tax reforms during the next fiscal year, Prime Minister Manmohan Singh today (Dec 24, 2005) assured the industry of better tax administration as he unveiled plans for Rs 60,000 crore investment in the port sector and Rs 40,000 crore for modernization of airports in the country.

Responding to demands of Federation of Indian Chambers of Commerce (FICCI) President Onkar S Kanwar, to address the high direct tax burden on corporate India and the need for raising the level of 30 per cent income tax to incomes of above Rs 5 lakh, the Prime Minister said, "I promise to address these concerns over the next year."

Singh who was speaking on the 78th Annual General Meeting of FICCI, said hm would work towards generating a consensus on labor reforms.