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 The good: India's PM urges tough economic reform

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The good: India's PM urges tough economic reform Vide
PostSubject: The good: India's PM urges tough economic reform   The good: India's PM urges tough economic reform Icon_minitimeFri Dec 28, 2012 11:51 pm
A ''BUSINESS as usual'' attitude won't drag India from its economic mire, the Prime Minister has warned in a sombre speech to the nation's leaders in Delhi.

The good: India's PM urges tough economic reform Awindian20prime20minist



Manmohan Singh, the architect of India's first tranche of economic liberalisation in the 1990s, said India should introduce a GST soon, immediately begin cuts to costly subsidies on fuel and energy, and reduce corruption and waste in government welfare programs.

''The current economic situation is difficult. The continuing crisis in the global economy … combined with some domestic constraints, has meant that our growth has also slowed down,'' Dr Singh told the National Development Council, India's major economic planning body that includes the leaders of all 28 states.

''Our first priority must be to reverse this slowdown. We cannot change the global economy, but we can do something about the domestic constraints which have contributed to the downturn.''
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Dr Singh said the world's largest democracy needed major economic reforms, and rapidly, to lift its poorest citizens from poverty.

Read more: http://www.smh.com.au/business/indias-pm-urges-tough-economic-reform-20121228-2bzba.html#ixzz2GPh6i1mY
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