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HindustanTimes Sun,28 Dec 2014

India

UPA to implement economic reforms in 2 yrs: Khurshid
PTI
London, October 11, 2012
First Published: 11:52 IST(11/10/2012)
Last Updated: 13:02 IST(11/10/2012)

The Congress-led UPA government has found the "right combination" in the alliance to push through much-needed economic reforms in India in the next two years, Minister of Law and Justice Salman Khurshid has said.

"We have moved in a manner which is sustainable from economic and political point of view. Economic growth for us is not only rapid growth but inclusive growth," Kurshid said.

"We have found the right combination in the alliance to push through the reforms and we will be able to provide the promised platform in the next two years." Khurshid said, apparently referring to the exit of Mamta Banerjee's Trinamool Congress from the UPA over major reforms like FDI in retail.

The minister was was delivering his inaugural address at a three-day 12th International Conference on Corporate Governance and 3rd Global conference on Sustainability at the Royal Over-Seas League here last night.

"We are today giving under BPL (Below Poverty Line) free health insurance up to Rs. 30,000 and we will hopefully provide everyone a dwelling house.

"We have guaranteed 100 days of employment at least one in a family and we will very soon ensure 65 per cent of the population get subsidised food," he said, reeling out several measures the government had taken to bring about not only a rapid growth but and inclusive growth.

Khurshid said a new legislation is being brought for acquisition of land under which there would be no room for agitation.

The minister noted that that there was enormous opportunity in education and automobile sectors.

"We did have problems in the telecom sector but a very far reaching dramatic judgement has come (from Supreme Court) which has clearly stated 'it is not our job to judge what is good economic and bad economic policy'."

Referring to the controversial 'Retrospective effect tax', the minister said "it is done here (in the UK), USA and China. We have concerns about it and some tweaking is necessary. The severity of the retrospective effect will be reduced substantially."

Khurshid told prospective investors "it (India) is a good country and it is a great country. We sometimes tie ourselves in knots. We take decisions which are good for our country and for those who come to our country (to invest)."

Baroness Sandy Varma said, "We have got great opportunities to make use of the expertise of Great Britain in the field of SMEs (Small and Medium Enterprises).

She said the relations between India and the UK could be further strengthened utilising the "strong, vibrant and professional Indian diaspora."

Anupam Srivatsav, managing director, Invest India, said the UPA government is committed to economic reforms.

He said, "Government is trying to create level-playing field for Foreign and Indian investors."

Sunil Prasad, secretary general, of the Brussels-based Europe India Chamber of Commerce said "Europe needs India as much as India needs Europe. Though talks have been on regarding an India-EU Free Trade agreement, it is still a far cry."

He hoped that it will materialise as fast as possible.

Amitabh Jain, minister (economic), in the High Commission of India in London said the bilateral trade between India and the UK has reached 12 billion pounds in terms of goods and 12.5 billion pounds in services.

"There is a lot of potential to develop further," he said.

Deepak Lalwani OBE, Director, Lalcap Ltd, UK said recently India's growth story was "impaired" but he was confident it would grow.

"Hopefully the worst is over," he noted, asking the investors to invest in India.

"India is a long-term bid," he said.

Manoj Ladwa, Partner, MLS Chase, UK, said India and the EU should conclude a Free Trade Agreement at the earliest. He also called for "free movement of people between India and the EU.

Lt Gen JS Ahluwalia, president of the Institute of Director, India said "there is immense potential for increasing trade between India and the UK".


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