Govt to move ahead with labour, financial reforms: PM
New Delhi: Prime Minister Manmohan Singh
on Friday said his government will move ahead with reforms in
labour and financial sectors, but investment in the rural
sector would be the real growth engine for the economy to
expand by 9-10 percent.
"We need to push forward the reforms process in the areas
you have mentioned and we will do so," Singh said while
replying to a question by Rajya Sabha MP N K Singh on stalled
reforms in labour, insurance and the financial sector.
The Prime Minister was addressing the HT Leadership
Summit here.
Singh, however, said, "Reforms process has many
dimensions." Increased investment in rural infrastructure,
more emphasis on health and education "is probably of (the)
greatest importance".
An environment conducive to the growth of
entrepreneurship in the urban economy as well ensuring greater
government involvement in rural development is required, he
said.
The Indian economy had grown by nine per cent for three
years in a row up to the end of fiscal 2007-08. However, under
the global meltdown, the economic expansion slowed to 6.7 percent in 2008-09. For the first quarter of the current fiscal,
the economy has grown by 6.1 percent.
Singh said the main challenge in the next decade would
be to achieve and sustain high rates of economic growth and
ensure that it remains remains equitable.
Bureau Report