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Minister hints at more reforms in coming months

Minister hints at more reforms in coming months

Expressing hope of a turnaround in the economy, Finance Minister P Chidambaram hinted that the government would unleash more reforms in the second half of the year.

He said this while interacting with media persons on the sidelines of the performance report release function on the fourth anniversary of UPA-II.

He said inflation was falling and investment is increasing. The overall inflation in April declined to over 3-year low of 4.89 per cent.

He said the general elections are due before May 2014 and expressed hope that the present UPA-II alliance would stay in power till then.

Last year, the government announced several reforms such as liberalising foreign investment norms in sectors like retail and aviation, besides partially decontrolling diesel prices, which would help government reduce subsidy.

Besides, the centre took steps to streamline investments in projects and set up a Cabinet Committee on Investment (CCI), headed by Prime Minister Manmohan Singh, to accord fast-track clearances to large projects.

The CCI has cleared projects worth over $27 billion in the past four months. Faced with the impact of global financial crisis, India’s economic growth declined to a decade low of 5 per cent in 2012-13. The GDP is projected to expand in the range of 6.1-6.7 per cent in the current fiscal.

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