Terming the ongoing telecom controversy as "hiccups of the learning curve", Planning Commission member N K Singh on Monday said it is for the regulator or the appellate bodies to see that the consumers are not affected.

Speaking at a meeting with a business mission from Hong Kong, organised by Federation of Indian Chambers of Commerce and Industry, Singh said the government had liberalised the sector and its job was now restricted to oversee the proper management of spectrum and fulfillment of universal social obligation by telecom companies.

He said there was no government pressure on the regulator or anyone and added that such incidents were part of the learning process on the route of liberalisation.

Upbeat about the economy achieving the growth target of eight per cent as envisaged in the Tenth Five Year Plan, he said a roadmap of sectoral reforms aiming to address all the challenges including fiscal and infrastructural had been laid down which will pave the way to meeting this target.

Allaying fears expressed by visting Hong Kong businessmen of discontinuation of reform process with another political party coming in power, he said the draft of the Tenth Plan was approved by National Development Council, which also had representation from chief ministers belonging to other political parties denoting the general agreement regarding reforms.

Stating that privatisation was not the only key to attract foreign investment, he said his report and certain examples like lukewarm response of foreign companies to the divestment of petrochemical companies had made it evident that structural reforms were important for attracting investment.

Singh said the reform process will now have to be deep-rooted and should address agriculture, construction, taxation, power and other infrastructure sectors; and added that foreign investment will automatically flow into the country.

He said the challenge lay in infusing growth in agriculture sector and reiterated the government's commitment to free up agriculture sector.

Commenting on the urban sector, Singh said if the urban sector is freed, it will contribute 1.2 to 1.5 per cent to the gross domestic product.

Stating that the $8 billion foreign direct investment target was very much within the achievable limits, Singh said the country offered immense investment opportunities.

"While FDI is critical for growth daunting infrastructure requirements, internal savings and investments will help us catapult to eight per cent growth target," he said.

However, he asserted that the country would like to achieve "sustainable growth with social cohesiveness".

Earlier, in his address, Christopher Cheng, chairman of Hong Kong General Chamber of Commerce said Hong Kong could act as a gateway to enter China's market.

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