SEBI chief expresses anguish over delay in reforms
Market regulator Sebi on Friday called for accelerating policy reforms like pension bill to revive investor sentiment and faltering growth.
Mumbai: Market regulator Sebi on Friday called for accelerating policy reforms like pension bill to revive investor sentiment and faltering growth.
Calling for an urgent need to revive investor sentiment to revive the faltering growth, Sebi Chairman Upendra Kumar Sinha said, "Some of the reforms, which have long been pending, and one example being pension reforms... It has been years and years that some of these reforms...Are yet to come through."
"And that is something all of us have to counter very seriously, that how long can we go on deferring this?"
Addressing the Skoch summit here this morning, Sinha said the country has still time to tide over the present growth deceleration if we move ahead with some of the urgent reform measures and resolve the issues plaguing the implementation side.
"If we start making some progress on these things (reforms), then in spite of the forecast about our economy coming down from the higher levels of 2007-08; if these policies change ... Start happening, we can again come to levels which are commendable in comparison to any part of the world. (But) those changes have to take place," he said.
The GDP growth hit a nine-year low in FY12 at 6.5 percent due to a number of reasons, which many cite as policy paralysis and lack clarity on policy.
This has led to almost all the foreign banks and analysts such as Goldman Sachs, Morgan Stanley, Citi and HSBC, among others, to lower FY13 GDP growth to a low of 5.8-6.3 percent.