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Indian citizens put across their views on impact of economic reforms

New Delhi, Sun, 24 Jul 2011 ANI

New Delhi/Chennai, July 24 (ANI): Reacting to the economic reforms introduced 20 years ago by the then Finance Minister, Manmohan Singh, citizens of the country have expressed their respective opinions and deliberate the impact caused by it.


In 1991, Manmohan Singh, in his maiden budget as the finance minister under the PV Narasimha Rao-led Congress Government, put forth the financial condition of the country, which stood on the edge of bankruptcy.


Immediate steps needed to be formulated and implemented. In such circumstances, Singh decided to reject the licence raj and introduced the reforms, which have consequently transformed the lives of millions of Indian citizens.


"India is witnessing growth but even corruption cases are growing. Earlier, all investments were visible and transparent but now all taxpayers' money is going into the pockets of political leaders," said Daljeet Singh, an employee in a multinational organization.


Some people complained about the disparity in salaries rampant in the private sector and called for better labour laws in the country.


"Employees in big companies are getting good salaries but the lower class is not getting anything from the private sector," said S.P. Singh, presently working in New Delhi.


Meanwhile, the citizens in Chennai appeared to be more hopeful of growth prospects if the country was prepared to take more risks.


"Honestly, I feel that India has been a very conservative country with respect to bringing foreign investments inside. Especially with regard to multi brand retail sector, I feel more foreign investments will only bring inflation down and help the country. Probably, in the short term, I think it is better to have a closed economy," said Amit, working in the telecom sector.


"But in the long run if the economy has to improve; one really has to open up the country to foreign investments. That is the only way a country can grow and one can have healthy competition inside," he added.


Another citizen applauded the wonderful work done by Prime Minister Dr. Manmohan Singh and appeared to be optimistic about the growth to continue.


"The Prime Minister is doing an excellent job and that is because he is more of an academic than a politician. He has got a vast experience in the banking and financial sector," said Keshav, a banker.


"The way the country is growing, I think, it is quite impressive. It is growing at 8.5 percent and targeting 9 percent. I am sure the way the things are going and with foreign investments coming in, further growth is ensured," he added.


Since 1991, India's GDP has increased four times, its forex reserves have surged from 5.8 billion dollar to 279 billion dollar, and exports from 18 billion dollar to 178 billion dollar.


The disparity between the rich and poor, meanwhile, has widened largely for the rural people who are unable to cope up with the increasing urbanisation in cities. By Pooja Shali (ANI)


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