FM seeks cooperation of political parties to push reforms
New Delhi: Asking opposition parties not not to indulge in obstructionism, Finance Minister P Chidambaram on monday said inability to push key reforms would put the country at the risk of a sharp and continuing economic slowdown.
"Every government is entitled to lay down policies. Opposition to policies is legitimate, obstructionism is not," he said while addressing the annual Economic Editors' Conference.
"The government of the day must be allowed to lay down policies, pass legislations wherever necessary, and get on with the job of implementing those policies," the Minister said, while apparently referring to opposition threatening to block implementation of FDI in multi-brand retail policy.
Noting that Indian economy was challenged, Chidambaram said, "Without reforms, we risk a sharp and continuing slowdown of the economy which we cannot afford given the imperative need to generate jobs and incomes for a large population, most of whom are young."
Estimating that the insurance sector alone needs USD 5 to 6 billion in the immediate term, he said the government intends to meet BJP and other parties ahead of the Winter Session to seek their support to raise the FDI cap to 49 per cent from the present 26 per cent as the sector require huge amount of capital.