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Second green revolution, labour, fiscal reforms on cards: FM
London, Dec 05: After a resounding victory in the assembly polls, Finance Minister Jaswant Singh virtually unveiled the reform measures in the budget saying second greenrevolution needed to be ushered in apart from giving renewed thrust to disinvestment, labour and fiscal reforms.
London, Dec 05: After a resounding victory in the assembly polls, Finance Minister Jaswant Singh virtually unveiled the reform measures in the budget saying second green
revolution needed to be ushered in apart from giving renewed thrust to disinvestment, labour and fiscal reforms.
"We need second green revolution ... There are three areas of priority; to improve value addition, to increase food processing and to bring rural wastelands into productivity,"
Singh said in an interview to London-based journalists from leading economic daily `Financial Times.`
Other priorities included reducing fiscal deficit and debt burden of state governments, Singh said listing changes to restrictive labour laws and a continuation of privatisation programme as other potential areas of reforms. Declining to go into specifics of the reform measures in the pipeline, Singh said fiscal consolidation was crucial for the country to move on to higher growth path of over seven per cent.
The combined fiscal deficit of Central and state governments was almost 11 per cent of GDP, Singh said stressing "India stood on the verge of explosive economic growth. But fiscal reform is essential."
Singh was candid in saying that there were difficulties in implementing reforms particularly because of the mindset of bureaucracy which suffered from "culture of conservatism".
Bureau Report
Other priorities included reducing fiscal deficit and debt burden of state governments, Singh said listing changes to restrictive labour laws and a continuation of privatisation programme as other potential areas of reforms. Declining to go into specifics of the reform measures in the pipeline, Singh said fiscal consolidation was crucial for the country to move on to higher growth path of over seven per cent.
The combined fiscal deficit of Central and state governments was almost 11 per cent of GDP, Singh said stressing "India stood on the verge of explosive economic growth. But fiscal reform is essential."
Singh was candid in saying that there were difficulties in implementing reforms particularly because of the mindset of bureaucracy which suffered from "culture of conservatism".
Bureau Report