Government pledges more reforms to spur growth

New Delhi, June 13 (IANS) The government will initiate a number of reforms in the coming weeks to spur investments and growth, Finance Minister P. Chidambaram said Thursday.

“I expect a number of decisions in the next few days and weeks. In June, you can expect number of decisions taken and implemented that will accelerate reforms and spur investments in critical sectors,” Chidambaram said at a press conference here.

Chidambaram said the upcoming reforms will be related to allowing foreign direct investments (FDI) in various sectors including defence and skill development and rationalisation of coal and gas prices.

The government is also likely to announce measures to ensure proper supply of coal to power plants.

The finance minister said economic reforms undertaken by the government in the last one year have started yielding results and they would have more positive impact in the coming months.

“I think significant results have been achieved in last nine months and I am looking forward to more reforms,” he said.

Stressing that the economic reforms were not a one-day game, Chidambaram asked investors to take a long-term view on India’s growth story.

“My appeal to everyone is we have to take a long term view – what’s happening in India and what will be the results we will achieve over a period of time,” he said.

On recent slide in the rupee value, Chidambaram said there was no need to panic and the rupee will stabilise in the next few days.

The Indian rupee is under pressure due to the growing concerns over the current account deficit. It hit a record low of 58.98 against the dollar Tuesday.

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