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Reform implementation the key to budget: Sinha
Indian Finance Minister Yashwant Sinha promised on Monday to make reform implementation the core of his next budget after a year that promised much but delivered little.
Indian Finance Minister Yashwant Sinha promised on Monday to make reform implementation the core of his next budget after a year that promised much but delivered little.
"The last budget was clearly recognised as a reform budget. Now, though, the criticism is that I am not walking the talk," Sinha said in an interview with the Business Standard newspaper.
"The next big change is to implement the reforms," said Sinha, who will unveil his budget in February for the fiscal year beginning April 1. Sinha's 2000-2001 budget had been presented as a "new deal" for India and included bold labour reforms as well as plans to accelerate privatisation, widen the tax base and downsize government.
Progress on all fronts, however, has been slow amid a national and global economic slowdown. But Sinha argued work had continued behind the scenes, with the government building the national consensus necessary to implementing its reforms.
"You can blame me for the action being slower than promised, but not for inaction," he said.
The minister reiterated his warning about India's fiscal deficit, which his previous budget had aimed to limit within 4.7 percent of gross domestic product (GDP).
Bureau Report
"The next big change is to implement the reforms," said Sinha, who will unveil his budget in February for the fiscal year beginning April 1. Sinha's 2000-2001 budget had been presented as a "new deal" for India and included bold labour reforms as well as plans to accelerate privatisation, widen the tax base and downsize government.
Progress on all fronts, however, has been slow amid a national and global economic slowdown. But Sinha argued work had continued behind the scenes, with the government building the national consensus necessary to implementing its reforms.
"You can blame me for the action being slower than promised, but not for inaction," he said.
The minister reiterated his warning about India's fiscal deficit, which his previous budget had aimed to limit within 4.7 percent of gross domestic product (GDP).
Bureau Report