New Delhi, Nov 25: Reaching the magic number of eight per cent economic growth needs massive investments in agriculture and manufacturing but these are not forthcoming at present, former finance minister P Chirdambaram said today.
"The three things required for increasing India's growth rate are an increase in savings, an increase in investment and a cut in wasteful expenditure," Chidambaram said while addressing the plenary session at the ongoing India Economic Summit 2002 here.
Chastising the government for not hastening the reforms process, he said not a single initiative has been taken in this direction over the last 12 months.
Minister of state for law and justice Ravi Shankar Prasad pointed out that the days of free electricity were over as chief ministers have realised it was no longer possible to give away power to achieve political ends.

Presenting a report card of the last few years, Prasad highlighted India's strengths in services, biotechnology, housing and tourism. He, however, stressed the need for encouraging a wide-ranging debate on how to make reforms relevant in a democratic context.
Secretary of the economics review committee of Congress Jairam Ramesh argued that India needs another external crisis to spur economic reforms.
"Reforms happen in India out of compulsion and not conviction", he said adding the country lacks governance capability to implement reforms and move on to a higher growth path.
Bureau Report