'Political process will not impact reforms'

Tuesday, 27 January 2004, 08:00 Hrs
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NEW DELHI: Reserve Bank of India Governor Y.V. Reddy Tuesday sought to allay fears about the fate of crucial reforms in view of the upcoming general election.

"The electoral cycles have not significantly impacted economic cycles (in the past)," Reddy told the opening session of the three-day Global Development Network summit here.

"Financial markets didn't turn volatile due to the electoral process," he said, noting there was a strong consensus in the country on pushing ahead with important economic reforms issues.

The Indian parliamentary election is likely to be held by April, months ahead of schedule.

The Indian cabinet Tuesday night decided to seek the dissolution of the Lok Sabha, the lower house of parliament, on February 6. The Lok Sabha will be dissolved after the passage of the vote-on-account.

"The unique feature of India's reforms is that we play host to all views," said Reddy, adding common people should be made aware of the importance of the country's economic reforms.

Nobel laureate Amartya Sen said people would not understand the requirements of reforms if social objectives and values promoted by public policy were not properly communicated.

"It (reform) has to be person-related in the sense that it must not be divorced from the lives that people can lead and the real freedoms that they can enjoy," he said.

"The basic issue is not so much whether we end up having a high rate of economic growth, but what that growth along with everything else happening in the economy does for the people involved."

Source: IANS
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