NEW DELHI, April 29: Criticising the 13-point agenda announced by Prime Minister Atal Bihari Vajpayee, former finance minister Manmohan Singh today called for a strong fiscal restructuring to put India back on the growth track. Singh was speaking at the national conference of the Confederation of Indian Industries (CII) in the capital today. He said the agenda was disappointing, full of visions but lacked stern steps for pushing the economy further.Taking a dig at the infighting in the 40-day BJP coalition Government, Singh said, ``We have a government which had to lose two of its ministers on charges of corruption within one month, a government whose Prime Minister admits that he has inherited a weak and deficit-ridden economy and a government where we have seen ministers hurling bad words at each other so soon.''
In such a situation, it will be a challenge for the government to announce a good budget and put back the economy on the growth trajectory, Singh said.Further criticising the government forits soft approach towards handling major issues, he said, ``If this is the attitude towards tackling the challenges of reforms then the `growth-growth-growth' mantra of the new Prime Minister will remain mere rhetoric.''
State electricity boards, he said, were losing money because of heavy subsidisation and the government had stated that the issue would be tackled after three years. ``This is not the right attitude,'' he said.
Singh also called for proper restructuring of the fiscal system, controlling subsidies, a progressive attitude towards disinvestment and a more energetic approach towards reforms on the whole.
Regarding the level playing field being demanded by the domestic players, Singh said special policies and steps needed to be taken to help the Indian industry but this should not amount to protectionism.
Singh further stated that a protectionist attitude would invite the wrath of the rest of the world. ``If India becomes protectionist then we cannot expect others not to have restrictionsagainst us. Before adopting such an attitude, we must keep in mind the retaliation from the rest of the world towards these unnecessary restrictions,'' the former finance minister added.
Pawar reaffirms Cong support for economy
NEW DELHI: Congress will support all constructive measures initiated by the Vajpayee government for bringing growth back, leader of the opposition Sharad Pawar said today. He said the momentum gained by the Indian economy during 1991-96 had been lost and India had registered a recessionary trend. Pawar also expressed concern over recent political developments about the stability of the new government since it comprised 15 parties as well as independents.
Congress would not create trouble for the Vajpayee government despite its thin majority as the party would not like to precipitate a mid-term poll, Pawar said at the CII's national conference in the capital today.
``I would like to assure the government that as a responsibleopposition, my party is not interested in precipitating another mid-term election or propagating instability. Our country can hardly afford such costly exercises,'' he said.
Stability of the government was important and any party that succeeded in proving its majority should be allowed to rule, he said. Pawar asked the new government to declare in no uncertain terms its commitment to the process of economic reforms, liberalisation and globalisation.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.