Today : Wednesday - Sep 03, 2014, 07:48am (GMT+5.5)
All News  
Top News
National News
International News
Business News
Sports News
   » Cricket
   » Football
Entertainment News
Sci - Tech
Politics News
Health & Fitness
Gulf News
::| Latest News
News in Pictures

Reliance Communications has made full repayment of two loans amounting to $1 billion (around Rs 6,000 crore), during the quarter ended June 30.The repayments have been from the company's rupee resources.

Business News

India continuing on the reform path: Mukherjee

Monday - Apr 23, 2012, 10:51am (GMT+5.5)
[+] Text [-]

Washington -  Rejecting opposition charges of a policy paralysis on reforms back home, Finance Minister Pranab Mukherjee today that the United Progressive Alliance was going ahead with  a series of reforms to spur the economy.

"Reforms is a continuing process. It's not that you can stop and go," he told reporters here at the end his four-day visit to attend the spring meetings of International Monetary Fund (IMF)  and the World Bank.

Starting with the opening of the Indian economy in the 1990s, with changes in the industrial, foreign investment and foreign trade policies, India has continued on the reform path, Mukherjee  said unfazed by Chief Economic Advisor Kaushik Basu's reported remark to a think tank here that major reforms were unlikely before the 2014 general elections.

"Recently we have announced the new manufacturing policy and in the budget I had announced a series of measures to liberalise investment in external commercial borrowings," he noted.

A mechanism had also been introduced to attract investment from abroad for long term fund requirement in the infrastructure sector.

"Therefore, you cannot say that this is the reform and it has been completed," Mukherjee said. "It's a continuing process. It's an ongoing process."

On the legislative front, there are a couple of measures on the anvil and he would try to get parliament's approval on three important bills to amend insurance, pension fund and banking laws  either in the current budget session or the next one, he said.

Asked if the Indian electorate had an appetite for reforms, Mukherjee said that recent provincial elections were no reflection of people's mood on reforms.

Going by the national elections where the Congress party, "a pioneer of reforms" increased its seats in parliament from 147 in 2004 to 207 in 2009, there was clearly an appetite for reforms in  India, he said.

By Arun Kumar


Rating (Votes: )   

blog comments powered by Disqus

Other Articles:
India concerned about oil price volatility: Mukherjee (23rd Apr, 2012)
Over 10,000 students to campaign against smuggling, counterfeiting (23rd Apr, 2012)
Hong Kong airport sets new monthly record for flight movements in March (22nd Apr, 2012)
Cross-strait ECC to meet on April 26 (22nd Apr, 2012)
World Bank, IMF call for inclusive growth, poverty reduction (22nd Apr, 2012)
Chinese firm plans aggressive auto export (22nd Apr, 2012)
Protect 'innocent bystanders' from global financial crisis: India (22nd Apr, 2012)
Make poultry farming in northeast more scientific: Aviation flu experts (22nd Apr, 2012)
India calls for integrated action to secure growth (22nd Apr, 2012)
Kerala promises single window clearance to lure investors (21st Apr, 2012)
US forges connect with India through green crafts (21st Apr, 2012)
Telenor plans Rs.2,000 crore investment in India (21st Apr, 2012)
Insurance firm ‘sacks’ entire1300 strong workforce via e-mail by mistake! (21st Apr, 2012)
Zuckerberg’s inexperience in corporate governance may hamper Facebook success: Analysts (21st Apr, 2012)
Kingfisher employees on strike, operations not affected (21st Apr, 2012)
IDBI Bank quarterly net profit rises to Rs.770.78 crore (21st Apr, 2012)
Gauri Khan to design couture penthouses in Pune (21st Apr, 2012)
Gujarat bags award for watershed mangement project (21st Apr, 2012)
India's forex reserves rise by $213.8 million (21st Apr, 2012)
YouTube could face huge royalty bill after losing music clip copyright battle in Germany (21st Apr, 2012)
China's mobile phone users exceed 1 bln (21st Apr, 2012)
India cautions against slowdown in IMF quota reforms (21st Apr, 2012)
IMF arms itself with $430 bn new funding (21st Apr, 2012)
Mukherjee allays US fears, says India good for investment (21st Apr, 2012)
Citi's Pandit sued over excessive pay (21st Apr, 2012)

Contact Us | Advertise with Us | Privacy Policy | Disclaimer | Terms of Use