Initiating a discussion on the Finance Bill in the Rajya Sabha, Congress leader T Subbarami Reddy said, "Even though they have given hopes of transforming the country, they could not give clarity in the Budget."

Though the Finance Bill has been passed in the Lok Sabha last week, but still there are areas of concern, he said.

A number of schemes announced look "attractive" but there is no clarity on how funds will be made available for their successful implementation, he said.

Stating that the biggest challenge before the government is eradication of poverty and generation of employment, Reddy said more jobs cannot be generated unless industrial activity is promoted in the country.

He said there is a need to address inflation and high interest rates for banks in a different way as these two issues are inter-linked for industrial growth.

"Inflation cannot be controlled by raising interest rates to banks alone. There are other ways like improving supply side. It is right time for the government to discuss the issue with RBI and settle it," he said.

He also suggested that there was need to establish institutes that can provide long-term funds to developmental projects in sectors like power as existing banks have limitation to do so.

In the area of coal and petroleum, the new government should take the help of global experts to boost production, he suggested.

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