Economic Reforms: FICCI reacts to PM's advisor Basu

Written by: Ria
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New Delhi, Apr 20: Dr Rajeev kumar, secretary of Federation of Indian Chambers of Commerce and Industry (FICCI) on Friday, Apr 20 reacted on the comments of Prime Minister Manmohan Singh's economic advisor Kaushik Basu over the economic reforms. Basu said that economic reforms are unlikely to happen before the parliamentary elections 2014.

According to Basu, India's economic reforms have slowed down and it may remain the same till the next election. After that, the country will be considered in the world's fastest growing economies.

Basu said that major economic reforms would hit the roadblock. Reacting over the comment, Dr Kumar said that economic reforms blockade will harm the investors.

Basu attended the meeting of the International Monetary Fund (IMF) and the World Bank along with Pranab Mukherjee. In the meeting, Basu said "You would see a rush of important reforms" and after 2015, India would be one of the "fastest growing economy of the world." He added that reforms have slowed down due to the coalition government, inflation and drop in agriculture production.

Meanwhile, series of corruption and scams have its impact on the system of the Indian government.

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