London, Nov 07: Rejecting Indian reforms were painfully slow, Prime Minister Atal Bihari Vajpayee has said it was in fact "enduring and stable" and projected a high seven per cent growth this fiscal. India's reform process has not been "stop-go," he said adding "I do not think anyone who has closely followed the Indian economy over the last decade can say that our economic reforms programme has lacked urgency."
Since the launch of reforms just over a decade ago, the economy has sustained an annual growth of over 6 per cent. Despite drought last year, GDP growth exceeded 4 per cent. This year "we hope to touch seven per cent," Vajpayee said in a wide-ranging interview to the London-based economic daily 'Financial times'.
Asserting that macro-economic fundamentals have never been better with foreign exchange reserves crossing over USD 90 billion, Vajpayee said "we cannot accuse democracy of impending economic reform.
"I also do not accept that our reform process has been stop-go in nature. As I have said it is natural and beneficial for the durability of reforms-- that the process should move forward on the basis of broad consultations and reconciliation of competing interests and need.
Bureau Report