No policy paralysis in New Delhi: Pranab Mukherjee

WASHINGTON: As UPA government desperately fights the perception of a policy paralysis, Finance Minister Pranab Mukherjee dismisses it with equal vehemence contending that the coalition was set on achieving higher economic growth.

Unfazed by criticism from within and outside and some controversial comments of Chief Economic Advisor Kaushik Basu on a freeze on reforms, he is confident about his priorities on economy and fighting inflation.

Basu's comments created a storm back home in India with the opposition attacking the government and claiming that the Chief Economic Advisor had only spoken the truth.

"There is no question of policy paralysis in New Delhi. I do not agree with them," Mukherjee told in an interview.

The Finance Minister was replying to apprehensions expressed by Corporate America over the perceived policy paralysis in the government and Basu's comments that there may not be any big ticket reforms till elections in 2014.

Rejecting criticism about lack of decisions, Mukherjee contended that the government has taken a number of policy decisions in recent months.

"We have a new manufacturing policy, very recently. It's in operation. We have announced earlier that we will institute infrastructure debt fund. We have created infrastructure debt fund," the minister, who is here to attend the annual Spring meeting of the IMF and the World Bank, said.

"We announced that we shall make easy access to commercial borrowing. Series of measures for easy access to commercial borrowing have been done. I do not agree with their perception with the so called policy paralysis. There is no policy paralysis," Mukherjee said.