New Delhi: Senior Congress leader Manmohan Singh, who is tipped to become the next Finance Minister, today (May 14, 2004) set at rest speculations of a slowdown of reforms including disinvestment, and said the new Government will frame policies to promote investment and economic growth.

"Investors can be rest assured that the new Government will pursue policies to create favourable climate for growth in savings and investment, leading to rapid growth in output," Singh told reporters after an informal meeting with party leaders Pranab Mukherjee and Jairam Ramesh.

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The announcement comes in the wake of apprehension that the economic growth may come down to below 8.0 per cent due to slower reforms.

Asserting that the Congress-led Government would take a balanced approach towards growth, he said, "We will pursue a policy that will promote both social and economic growth."

The statement from the former Finance Minister is significant considering the "jobless growth" during National Democratic Alliance (NDA)'s tenure.

Asked whether Congress-led Government would reverse disinvestment policies under pressure from Left parties, Singh said, "We are not pursuing privatisation as an ideology...We are against disinvestment per se, if it is shown to be in the national interest...We are open to all options."

Singh's observation assumes importance in the face of Left parties' assertion that they were in favour of scrapping disinvestment policy of NDA Government.