Economic Reforms Will Go On Despite Criticism

Bangalore, May 21: | Updated: May 22 2003, 05:30am hrs
Karnataka chief minister SM Krishna has said that economic reforms process in the country will go ahead despite the criticism.

Inaugurating the annual bank conference on development economics (ABCDE) here on Wednesday, Mr Krishna said rumblings against the reform process are inevitable. However, he said barring a few irritants, a broad political consensus exists for the reform agenda and this is going to continue irrespective of political changes.

Mr Krishnas whole-hearted endorsement of the reform agenda has come in the background of a World Bank team making an appraisal of the progress made by the state in fulfiling certain commitments made by it to avail of World Bank assistance of Rs 12,000 crore for the state over a five-year period.

The Bank had released two tranches of these loans while the third tranche of Rs 1200 crore was held back last year due to failure of the state to achieve targets in power reforms.

He said: given the paradigm shift in macroeconomic policy, the rapid developments in technology and the compulsions of a world increasingly defined by liberalisation, privatisation and globalisation have exposed us to new opportunities and unprecedented threats.