Union Heavy Industries Minister Praful Patel has said the time is ripe for second stage of economic reforms such as the introduction of Direct Tax Code among other measures with an emphasis to tame inflation.

"The second stage of reforms would require introduction of Direct Tax Code, Pension Bill, amendment to Insurance Act and Companies Act," he told PTI on the sidelines of the 5th National Convention of NCP held here yesterday.

Besides, proposing more weightage to Consumer Price Index (CPI) instead of Wholesale Price Index (WPI) to measure inflation, Patel said NCP has adopted a resolution in this regard.

"The resolution on inflation and price rise emphasised using all necessary measures, including monitory policy, for arresting inflation and checking price rise," he said.

Patel said inflation can be brought down by increasing productivity and implementing better distribution system. Backing FDI in multi-brand retail, Patel said States need to be taken into confidence for reaching an agreement on the Goods and Services Tax (GST).

"A 2 percent decrease in taxation will bring about 20 percent increase in profitability as per the report of the Finance Commission," he said, adding that GDP will get a boost of 2 percent if GST model is adopted.

The NCP also adopted a resolution on nuclear energy saying India should take advantage of Uranium and Thorium resources.

Among other resolutions passed at the convention is on developing additional infrastructure for storage of foodgrains.

NCP chief and Union Agriculture Minister Sharad Pawar, party MP Supriya Sule and other leaders attended the one-day conclave.

"In the wake of bumper agriculture production last year, the time is apt for ushering in second Green revolution," Patel said.

The party at the brainstorming session yesterday expressed concern over deficient rains and its adverse impact on Kharif and Rabi crops.

With additional plan outlay on irrigation and other agricultural outputs, India can become the bread basket for world, the resolution said.

Another resolution adopted on industry and services proposed a single window system for granting clearance within six months for setting up industry.

For this purpose, some archaic legislations should be scrapped and environmental clearance be given in one month, the resolution said.