Union Home Minister said that faster reforms are necessary for inclusive progress and mere high rate of growth is not a cure all.
Mr P Chidambaram delivering the 4th Nani Palkhiwala Memorial lecture stressed the need for inclusive growth. The worst thing will be to bask in the glory of nine per cent growth and go back to lazy reforms.
He said that millions have remained outside the market economy. Faster reforms were needed in the sectors such as Foreign Direct Investment and Education. At the same time, higher growth rate is not a panacea, he warned adding that for inclusive growth, measures such as subsidizing transport fuels, fertilizers and food grains, were necessary, though pundits may disagree.
Defending the loan waiver granted to farmers by Congress government in the previous term, Mr Chidambaram said that between 1999 and 2004, banks wrote off Rs 47,123 crore worth loans in the industrial sector.
He said that this benefited only a few hundred industries and their workers, whereas farm loan waiver helped 36 million farmers, who are debt free in the face of this year’s drought.
(Sourced from steelguru.com)
Tuesday, October 6, 2009
Macroeconomic indicators - Faster reforms for inclusive growth
0 comments:
Post a Comment