Consensus on reforms, PM lays down agenda of future reforms

New Delhi, Mar 13 (UNI) Prime Minister Manmohan Singh today expressed confidence in the UPA government's ability to carry forward the reform process and laid out the future agenda in this regard, including deepening and widening financial sector reforms, development of a long term debt market and introducing efficiency in labour markets.

In his address to the 'Economist Conference', the Prime Minister, however, said the processs of opening up of the Indian economy has to be ''calibrated and measured'' so that domestic enterprises and the working class are able to adjust to the emerging realities.

The two-day event has been organsied by 'The Economists Group' of publications based in London. Apart from his address, Dr Singh took Questions and Answers from a panel comprising CEO's of ABN AMRO, IBM and Nokia. The Conference has its theme ''How high will India fly?'' and is intended to be a roundtable with the Indian government.

Dr Singh said there was a broad national consenus now on economic policies, even if on a few issues there may be differences.

''It is indeed quite remarkable that in the last 16 years, the fiscal and economic policies have largely followed a similar line. This signifies a broad national consenus on the direction we should take. I have often said that we should judge political parties not by what they say when they are in opposition but by why what they do when they are in power. The stability in policies is proof that economic policies are not as contentious as often made out to be. If there are differences, it is on the finer nuances of policy and the relative emphasis on public investment in social sectors,'' Dr Singh said.

The Prime Minister, however, said it was imperative that the growth process is sustainable and for this to happen it should be inclusive or equitable.

''There are some, including 'The Economist', who believe that the economy may be 'overheated'. Our macro-economic authorities have a credible track record for macro-economic management. They have taken and will take, whatever steps are required to ensure the sustainability and stability of our growth process,'' Dr Manmohan Singh said.

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