Bankers welcome poll results, feel reforms will get a push

MUMBAI: Bankers on Saturday hailed the victory of the UPA, hoping that it would push economic reform process forward, particularly the disinvestment in PSUs.

"I'm much delighted to see the result. Electorate are sensible. Less dependence on allies will help to form a stable Government...the continuity of UPA-Government is expected to push economic reforms," HDFC Chairman Deepak Parekh told PTI.

Government needs to opt for disinvestment in those PSU companies where its holding is above 51 per cent as there is huge fiscal deficits, Parekh said.

"We have huge deficits, mainly large current account deficit. Last year deficits on oil and fertilisers were also high. Governments need to opt for disinvestment in those PSU companies where its holding is above 51 per cent," Parekh said.

Parekh also said that the Government should disinvest its equity in PSU entities and generate revenue, rather than going in for steep hike in taxes.