We can’t afford a chalta hai attitude: PM

PM sought political consensus for pushing forward financial and labour sector reforms.

MUMBAI: The day we all were waiting so enthusiastically for was finally here. Political leaders, corporate head-honchos, financial whizkids and anyone and everyone who could relate with India Inc were there to celebrate The Economic Times Awards ceremony on a starry night in Mumbai on Friday.

The Prime Minister sparked off the award ceremony with the most discussed topic of late, SEZs. Probably, he knew he could not get a bigger stage to rest the debate once and for all.

Setting at rest the debate on Special Economic Zones, which he felt have come to stay in India, he sought political consensus for pushing forward financial and labour sector reforms for sustaining high economic growth.

"We can't afford a chalta hai (complacent) attitude... we need to think out of the box... we have to evolve a broad consensus on reforms and I and (Finance Minister) Chidambaram meet Left parties every two-three months," he said during ceremony here. On a query about SEZs, Singh told captains of industry that "SEZs have come to be accepted as a part of new policy paradigm we have evolved".

"I do believe that SEZs have a role to accelerate the growth and to generate more employment... in recent weeks concerns have been raised with regard to acquisition of agriculture land. I do believe that some of these concerns should be taken on board. We will take them on board and SEZs have come to stay."

Outlining the challenges ahead, Singh said: "There are difficulties, but I have not given up hope," while cautioning that a political process for reforms without a focus on agriculture sector would not augur well for the economy in the long run.

ADVERTISEMENT

He also said that India needed massive investments in the infrastructure sector that could see tremendous activities in areas like roads, ports, airports etc, but regretted that power sector lagged behind and needed urgent attention.

Replying to a query, Singh admitted that infrastructure sector required a lot more investments, while sectors like railways will see massive investments in the next five-six years.

He said though there was growth in core sectors such as telecom, railway, ports and airports, "power and energy have been somewhat of a laggard".

The Prime Minister said much more needs to be done if India had to realise its full potential.

ADVERTISEMENT

"We need to work toward a more open and efficient financial system, a system capable of generating the necessary financial resources needed for the rapid growth of our economy".

Elaborating on the financial reforms, the Prime Minister said India should not give up the long term goal of full convertibility of the rupee.

ADVERTISEMENT

This, he said, would require substantial preparatory work which has already begun.

The Prime Minister admitted that there was a relative neglect of investments in agriculture, education and healthcare.

"Agriculture and Employment generation can be ignored at our own peril. They can put at risk all the benefits that we have accrued so far from reforms", he said.

He stressed on the need to expand the meaning of reforms to include areas which have been relatively neglected.

"There can be no political differences on this minimum programme. If we can devote our energies to improving the quality of our economic and social infrastructure we can assure future generations that we have served them well", the Prime Minister said.

He said an agenda of reform was waiting to be taken up in the financial system, agriculture, infrastructure, manufacturing, banking and finance, educational and vocational training system, healthcare and at all levels of government.

"In no areas of social and economic development can we as a nation afford to adopt a 'chalta hai' attitude", he said.

Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.