New Delhi: Admitting that the government had "lost focus" on the disinvestment programme, Finance Minister Jaswant Singh on October 18 asserted there was no rethinking on the issue and the government will go ahead with it.

"The discussions (on disinvestment) issue wandered a bit and we lost focus. But there is no illusion in government's mind, no deviation from purpose. The government will disinvest," Singh said while addressing the inaugural meeting of the Board of India Today Economists.

Singh, however, clarified that in the process of disinvestment, the government will seek to address all the relevant questions raised.

However, he said that he was not in a position to reduce agriculture subsidy and pointed out that US, China and countries in the Western Europe have subsidies of around one billion Dollars.

"In the face of all this when as a non-economist I am told subsidy is bad and should be abandoned, I am left very confused," he told the gathering.

The Finance Minister said that the biggest challenge was to ensure economic security of India.

Singh also expressed concern over the states' finances and said that creation of a modern, efficient and world-class fiscal system for the country is high on the priority.

On the sickness in public financial institutions, Singh remarked that "he has inherited some financial institutions that are not in good health. I have to find solutions for them".

Singh categorically stated that there can be no "growth without reforms".

"There is no growth without reforms. This is simply not axiomatic-it is the approach. There is no controversy in this regard," he said.

The Board of 'India Today' Economists, a think-tank on economic issues, would meet four times in a year to discuss and debate the most pressing economic issue of the day and offer practical solutions, says an 'India Today' release.

The Board has six economists as its members-Suresh Tendulkar, Delhi School of Economics, Kirit Parikh, Indira Gandhi Institute for Development Research and member of Prime Minister's Economic Advisory Council, Indira Rajaraman, Institute of Economic Growth, Bibek Debroy, Director of Rajiv Gandhi Institute of Contemporary Studies, Subir Gokarn, Chief Economist, CRISIL and Siddharh Roy, Chief Economist with Hindustan Lever Limited.

Congress leader and former 'India Today' columnist Jairam Ramesh moderated the discussions.

PTI