India to deepen reform process: Arvind Mayaram

India Sunday said the policies of the new government will deepen the reform process to put the economy on a sustainable and balanced high growth path.

"India has elected a new government. We will be strengthening our growth strategies as per the priorities of the new government. This will deepen the reform process to put the economy on a high growth path which is in line with the G20 objective of strong, sustainable and balanced growth," Finance Secretary Arvind Mayaram said at a G-20 nations finance and central bank deputies meeting at Melbourne, in Australia.

He said reform measures will be presented by Finance Minister Arun Jaitley in the forthcoming budget, according to a finance ministry statement here.

Mayaram said the global context was becoming increasingly challenging and less supportive of growth prospects of emerging economies.

The reasons for the slowdown have been partly structural and heightened by external factors especially increased volatility with unwinding of unconventional policies, he said.

"Recent developments in Iraq have created huge uncertainties with an overhang on the global economy. The volatility in petroleum prices have put pressure on the financial system in countries like India," he added.

The finance minister will present the budget in parliament early next month amidst high inflation and considerable fiscal deficit and subsidy bills.