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Manmohan Singh assures investors of stable, transparent policies

LOS CABOS: Prime Minister Manmohan Singh has promised transparent and stable policies to create a level playing field for domestic as well as international investors and said the government will take tough decisions such as controlling subsidies to rein in fiscal deficit.

“We are determined to create an environment that would boost investor sentiment and promote an atmosphere conducive to enterprise and creativity. Our policies will be transparent, stable and designed to provide a level playing field to both domestic and foreign investors,” said Singh, while speaking at theG-20 summit.

The Prime Minister’s remarks appeared to be directed at reassuring investors who have been upset by the slow of pace of decision making as well as some measures such Supreme Court’s decision to cancel telecom licences as well as by the finance ministry’s decision to tax Vodafone with retrospective effect.

Singh said like other emerging economies, India too had slowed down, but conceded that “our public is impatient for a return to high growth and faster job creation.” He said the fundamentals of the Indian economy remained strong and he was confident of “bringing back the rhythm of high growth of 8-9 per cent per annum,” although he did not indicate any time frame for an 8 per cent plus growth rate. India’s GDP growth has slowed down from 8.4 per cent in 2010-11 to 6.5 per cent in 2011-2012 and senior economic policy makers peg their forecast for 2012-13 to 6.5 per cent-7 per cent.

Singh said the stimulus package in the aftermath of the global economic crisis of 2008 had allowed the country’s fiscal deficit to expand. “We are now focussing on reversing the expansion. This will require tough decisions, including on controlling subsidies, which we are determined to take,” he said.

Referring to the UID project, the Prime Minister said the massive database covering over a billion people would facilitate delivery of a whole range of financial and other services, through effective targeting and reduced leakages in subsidy schemes.

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Posted by on Jun 20 2012. Filed under Top Stories. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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