Steps will be taken to stabilise Economy : PM
New Delhi. Amid signals of slowdown in Economy, Prime Minister Manmohan Singh hints that pro-reform policies are back on the Government agenda.
On his return from the G-20 and Rio summits, Singh said India needed effective steps to among other things, the fiscal deficit – when total expenditure exceeds revenue – the balance of payments deficit – when payments made by the country exceed payments received – and the decline of the rupee against the dollar.
“We are operating a system which is market based exchange rate. We intervene only to curb violent fluctuations. I am confident that measures that I outlined will also return Rupee also to a more stable path,” Dr Singh told reporters.
Asked about the possibility of a cabinet reshuffle following finance minister Pranab Mukherjee’s exit on June 26 as he is contesting the presidential poll, Singh said it was “a legitimate expectation… You will get to know about it when it takes place”.
Singh urged all political parties to work with the government to restore the momentum of growth, but did not elaborate on the specific policies he had in mind. He said it would “not be proper” to go into details before he returned to India.
To a question on the Reserve Bank of India leaving its interest rates unchanged that left markets and investors disappointed, he said whatever the RBI says, it requires urgent attention of all concerned.
Among the reformist steps in limbo at present are lifting barriers to foreign direct investment in multi-brand retail and reforming insurance, pension, banking and land acquisition.
When asked about restoring foreign investors’ confidence given the country’s sliding credit rating and the confusion caused by retroactive taxes, he spoke of the need for both foreign direct and portfolio investment.
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