Country to post 6% growth — Bakht

"India is a big nation. All these tensions keep coming and we will be able to tide over these problems… We will meet whatever expenditure is incurred on Kargil. It is Pakistan which has to worry about the expenditures, not us,” he added.

He further expressed optimism that the country’s fiscal deficit would also not come under any strain. However, he refused to divulge any figures for the same. "We are improving both in terms of industrial growth and inflation and this growth phase will continue."

The government, Bakht said, is committed to disinvestment and whatever efficient machinery is required to accelerate this process, would be putin place.

Regarding the issue of disinvestment commission chairman G V Ramakrishnan threatening to resign, the minister said, "he will not quit as the ministry can consider restoring the authorities that were taken away from him".

The government, he said, is working towards setting up a new patent office here without disturbing the existing set-up. "The speed with which patents are being cleared in Japan is remarkable whereas we take years for one patent. With the installation of these modern gadgets, we expect to be very effective in clearing patents".

The government is also in the process of giving a final shape to the legislative changes necessary in respect of trademarks and industrial designs. Work on subordinate legislation in respect of the law on these subjects is also making substantial progress. The department of industrial development has also undertaken several in-house initiatives to consider various issues relating to the proposed amendments to the Patents Act.

A modern and well-enforcedintellectual property system is a strong imperative in the process of liberalising the economy, in restructuring the industrial sectors and in encouraging small and medium industries and the use of industrial property system as a means for economic and technological development.

"It would, therefore, be appropriate to improve the regulatory framework, laws and services through enhanced basic awareness, improved legislations and strengthened infrastructural capabilities.”

India, Bakht said, has also initiated regional cooperation amongst the SAARC countries to collaborate in the field of documentation of traditional databases, protection of regional bio-diversity from bio-piracy and the protection of rights of indigenous communities.