Finance Minister P. Chidambaram, on Monday, said the government would set up independent regulators for coal and road sectors in four months and vowed to bring down the fiscal deficit.

Beginning his campaign in North America for wooing foreign investments, he said India saw no difficulty in concluding a free trade pact with Canada.

“There will be a road regulatory authority and a coal regulatory authority within two to four months,” he said at the Canada India Business Council meeting here.

The visiting Indian Minister said the regulatory authorities would become effective mechanisms to address problems being faced in implementation of road and coal projects.

“We are committed to fiscal consolidation. We have drawn the red line to implement our target,” he said. Replying to a query on the proposed India-Canada comprehensive economic partnership agreement (CEPA), Mr. Chidambaram said the two countries were keen to sign the free trade pact in the near future.