Restless with slow pace, FM calls for faster movement on reforms

New Delhi, Juy 31 (UNI) Finance Minister P Chidambaram says there is dire need for faster movement in the reform process and stressed the need for creating more political space in this regard, notwithstanding the vicissitudes of politics.

"I get up every morning and go with the same thought every night that we are not doing enough on reforms. There is a regret that I have everyday that we are not being able to move fast. The best way to take the reform process forward is to seize the opportunities", Mr Chidambaram said here last night.

The minister was speaking after releasing a book by Mr N K Singh, a former civil servant and now a well-known poitical commentator. The book is entitled; 'The Politics of Change; A Ringside view.' The book has been jointly brought out by The Express Group and the Penguin group (India).

Mr Chidambaram exuded confidence that the economy will be able to clock 10 per cent growth per anuum in 2008-09, but for this it was imperative that the reform process is accelerated.

"While I am unable to say whether we will be able to achieve 10 per cent growth in this fiscal, I am confident that this is within our reach in the next fiscal," he said.

Mr Chidambaram explained that economic change has come about by seizing opportunities and said this was the manner in which reforms have moved. In the era of coalition politics, there will always be impediments to reforms.

He said one must respect that certain people have been voted to power to prevent such moves and therefore in public life they will act in that manner. "The important point is whether one is doing the right thing," he said.

Reforms were launched 16 years ago, not on the basis of wide ranging consensus, but seizing the opportunity that was provided by the then prevailing situation. There was a sense of a national shame at the country's gold being pledged abroad.

In India, reforms have not taken place on the basis of a roadmap or a time table, but by using the opportunities that were provided by the exigencies of the situation.

The Finance Minister said not all reforms were controversial adding that the UPA government has been able to push through significant reforms on the basis of consensus. In this regard, he cited the instance of introduction of Value Added Tax (VAT), the biggest tax reform in the economic history of the country.

Mr Chidambaram explained that the near nine percent growth was not accidental, but a result of the various measures taken by the government.

"Given the complex politics of India, the multitude of political parties where every shade of political complexion is represented, reforms become a matter of seizing the opportunity. If there is an opportunity, go ahead and do it", he remarked.

The Finance Minister paid rich tributes to Mr N K Singh for being an able administrator and a reformer, who would guide his ministers through the complexities and intricacies of bureaucracy.

He also spoke about Mr Singh's abilities as a writer--lucidity, incissiveness and a change maker.

Mr Chidambaram's launch of the book was followed by a high profile panel dscussion.

UNI