Smart ManMohan made Lame Duck by Commies Morons

PM swears by economic reforms

TIMES NEWS NETWORK[ WEDNESDAY, AUGUST 24, 2005 11:15:18 PM ]

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NEW DELHI: It made the Left MPs squirm, but Prime Minister Manmohan
Singh on Wednesday delivered a clear message to those who oppose
economic reforms and yet seek massive social development: Ambitious
schemes such as the rural employment guarantee are just not sustainable
without reforms.

Taking the Left by surprise, the PM congratulated the Communist chief
minister of West Bengal, who on Tuesday made a strong pitch for FDI and
reforms in an address to MNCs and global investors in Singapore.

"I congratulate Buddhadeb Bhattacharjee and I wish all other chief
ministers emulate him," Manmohan Singh said, while left MPs Dipankar
Mukherjee, Sitaram Yechury and Brinda Karat gaped at each other.

Singh said those in the business of governance should ensure that
nothing is done to hurt economic growth. He said 7-8% economic growth
is necessary to sustain social development programmes and to achieve
that growth rate, investment to the tune of 28-30% of GDP is essential.


PM said a good climate for investment has to be created. The industry
has to use cutting-edge technology.

"I know that large amounts of capital are waiting to come to India but
for that right climate has to be created. We should have the vision and
capability to absorb it. India needs good doses of foreign direct
investments."

If the government has to honour its obligations towards common people,
it has to set in motion processes that foster industrial growth, the PM
said, emphasising that for funding largescale social sector programmes,
public finances would have to be in proper shape.

"The combined fiscal deficit of Centre and the states at 10% of GDP is
the highest in the world. It is essential that fiscal health is not
jeopardised,"he added.

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