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| Saturday, 11 September 2004 |
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Indian PM says 'corrective steps' needed in economic reforms NEW DELHI, Friday (AFP) Indian Prime Minister Manhohan Singh, dubbed the architect of the country's decade-old economic reforms, said Thursday "corrective steps" were needed to relieve poverty. "The process of economic reforms that we had initiated in the early nineties have paid rich dividends in many dimensions, but it is also true that economic performance deteriorated in the second half of the nineties," he said. Singh said that the growth rate had slowed after that period particularly in the agricultural sector, which provides employment to tens of millions of poor Indians. "It is incumbent on us to devise and implement a development strategy which introduces corrective steps needed to achieve sustained high rates of growth in the economy along with a significantly greater degree of inclusiveness and thereby, a lesser sense of alienation," he said. The Prime Minister, talking at a meeting of India's chief economic thinktank planning commission, said reforms were needed in eliminating bureaucracy, creating an investor-friendly climate and removing barriers to internal trade. |
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