Prime Minister Manmohan Singh on Wednesday assured the industry captains that his government would rationalise tax structure to reward enterprise and investment.

Addressing a galaxy of industrialists, non-government organisations and capital market functionaries, Singh, on his maiden visit to Mumbai after becoming the prime minister, said there was a need to rationalise tax structure as the system was riddled with uncertainties, which unnecessarily gave rise to interpretations.

Private sector job quota unavoidable: PM

He assured the gathering that the United Progressive Alliance government had a number of proposals to introduce in the next budget that would not only reward enterprise and investment but also make the tax system equitable.

The prime minister said bureaucratic hurdles and corruption were holding back the country's economic growth and "we have to take corrective measures to go forward."

Stressing on the need for the growth of capital markets, the prime minister said the country needed fair regulations and a commitment that regulatory powers were not misused.

Singh appealed to the industrialists to provide jobs to weaker sections, particularly "first generation learners," to bring about social justice.