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| Manmohan, Pranab support financial sector reform |
| BS Reporter / New Delhi Oct 30, 2009, 12:32 IST |
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Both Prime Minister Manmohan Singh and Finance Minister Pranab Mukherjee said the government would like to ‘take forward’ financial sector reform like insurance and pension, but added caveats that suggested the road ahead was not smoooth.
Mukherjee said partners in the United Progressive Alliance (UPA) had to be won over as much as the Opposition Bharatiya Janata Party and the Left parties and said he was unable to commit himself to whether the legislations would be passed in the winter or budget session of Parliament.
In the context of stalled politically contentious legislations such as opening up of the insurance sector and pushing ahead with labour reforms the PM said, about taking reform further: “We will do so, but it has many dimensions. The focus will be on increasing investment in rural infrastructure and education.”
Both were speaking at the annual Hindustan Times Leadership Summit.
Singh put the onus of country’s development on the political leadership in the states, endorsing Rahul Gandhi’s repeated statements that state leadership of the Congress needed to be revitalized. The PM said the future of the country would depend on the progressive qualities of future leadership.
“Sitting here in Delhi, we can endlessly debate the qualities of national leadership. But the real change in India will come when we get the right kind of state level and local leadership,”he said..
“No doubt the union government has an important developmental role, apart from its central role in providing national security. However, with the growth of the market economy and with individual talent and enterprise being unleashed, no agenda for building a new India can any longer be imposed from Delhi,” the Prime Minister said.
Singh underlined the need for thrashing out a consensus across the political spectrum on dealing with the Naxalite violence.
“Ours is a functioning democracy. There are occasions of differences of opinion within the coalition. But let there be no doubt that law and order is the priority. We need cooperation of the state governments regardless of their political affiliations,” he said.
Armed with a stronger political mandate in the May general elections, Singh extended a hand of friendship to all the neighbours for jointly addressing the challenges of development and security.
“India seeks a neighbourhood of peace and progress. We wish our neighbours well. We would like to see them develop and wipe out poverty and overcome the burden of history,” Singh said.
The Indian economy, that has seen its gross domestic product (GDP) growth rate dip to 6.7 per cent last year from more than 8.85 per cent of growth through 2004 to 2008, should aim for an annual growth rate of 9 to 10 per cent, he said.
Singh said the country was confronted with a set to three broad challenges—sustaining high rates of economic growth, eliminating regional disparities and ensuring economic and social upliftment of the under-privileged sections of society.
Asked whether the prevailing internal situation in Pakistan would encourage the scope for a peace dialogue with India, Singh replied: “Pakistan is grappling with many internal problems. Rise of terrorism is one of them. I wish them success (in combating terrorism),” he said.
“The destinies of the two countries and all others in South Asia are interlinked. It is the job of the visionary leadership in the region to work jointly for elimination of poverty,” he said.
On relations with China, Singh said both the countries have immense opportunities and can grow side by side.
“We have differences on border issues, but peace and tranquility must prevail,” he said.
Both leaders emphasized the need for security to ensure economic growth.
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