More reforms in remaining term, says FM

Font Size

Print

Feedback

Email

Discuss

Related Articles

Growth looks fairly robust in '08-09: GovtG8 should include China, India: PanelIndia can and will survive global crisis: PMIndian bond yields fall to 3 yr low

Finance minister Palaniappan Chidambaram said the government would push for more reforms in its remaining term and stressed that a government with a “working majority” was vital to pursue effective reforms.

“In the remaining eight to nine months, we hope that we can push through some legislative and non-legislative measures,” the minister said. The government would curb inflation in the next three to six months, he said. “Tight monetary measures will tame inflation in three to six months,” he added.

“This year was difficult,” but rising inflation in one year cannot wipe out the achievements of the government witnessed during the past four years. Rising oil and commodity prices were driving inflation in India.

“We have no control on international commodities and crude oil prices. We are trying to moderate aggregate demand by sacrificing a bit of growth. There are signs of moderation. But I cannot say whether the trend will continue,” he said, at a reading session of his book “A view from the outside: why good economics works for everyone” hoted by The Express Group.

On implementing reforms, he said, “I sincerely hope that those political parties who supported the measures in the committees will continue to support them on the floor of the house. If they don't, it will be tragic. Unfortunately, there is no record on voting in India,” he pointed out.

Chidambaram said the Left parties, the UPA's estranged allies, may also support some of the pending reform measures of the government. “Even the Left may support one or two measures,” he added. The government had delivered a growth of 9% in the past four years, adding, “It is almost like (cricket legend) Bradman's batting average.” The government could have delivered better if bills for sectors like banking, insurance, pension had been passed. “I think we could have touched (a growth of) 10%. I was praying and hoping that in the final year we will touch 10%.” He indicated that the UPA would have met its goals better, if there was a “working majority” for the government.

Addressing an audience of over 350 people, including the city's bureaucrats, corporate and cultural leaders, he urged, “Vote for the party that comes closest to your idea of India and give that party a working majority. Then you will see things happen.”