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Economic reforms will go on: Sinha
Monday, 13 October 2003, 19:30 IST
NEW DELHI: External Affairs Minister Yashwant Sinha insisted Sunday India's economic reforms will go on although the concerns of some domestic industries in the face of globalisation were "understandable".
He also told reporters on his way home from Thailand along with Prime Minister Atal Bihari Vajpayee that Indian industrialists had nothing to fear from international competition.
"The process of economic reforms must have to go on," said Sinha, a former finance minister. "If others are moving ahead, we cannot lag behind. The case for economic reforms remains very strong."
He said the concerns expressed by some sections of the Indian industry were probably valid but those, he added, had been factored in while taking decisions in New Delhi.
"Some concern is understandable," he said. "As long as there are legitimate concerns, the government will address those concerns.
"But beyond that we will not hold the up process if the concerns are unjustified."
He pointed out that some two-and-a-half years ago, there were tremendous concerns in the country that India would be swamped by China. "(But) nothing of that sort happened.
"We should all face the challenges with confidence. We have already done that with China. There is no reason why we should be afraid of smaller players.
"There would have to be some adjustments in some sectors. Indian industry has gone through the process of adjustments and is today ready to face international challenges in India and outside. We are committed to reducing tariffs to East Asian levels."
Sinha said although India was bracing to deepen its economic linkages with South East Asian countries, it was aware of the formidable challenges posed by China and Japan, Asia's pre-eminent economic powers.
"China and Japan are far ahead of India in terms of two-way trade (with ASEAN countries)," he said. "We are trying to catch up. Let us not forget that we are late starters. They clearly have an advantage."
Source: IANS
Source: IANS