PM hints at more economic reforms

December 15, 2012 11:22

Signalling more reforms in the coming days, Prime Minister Manmohan Singh today said the government will do everything to "allay and alter economic situation".

"The Indian economy was doing great in 2008, but then the global slowdown took its toll and we got impacted ... Excessive pessimism at home has affected growth process ... the economic situation in Europe remains a cause for concern. The US and China are still witnessing tough times. When the global situation will improve cannot be said," the Prime Minister said, adding that in the past few weeks the government has done its bit to neutralise the negative sentiment and accelerate growth.

"The government is committed to accelerate economic growth, but high fiscal deficit remains a worry," he said. Last year, fiscal deficit touched 5.9 per cent. "This is unsustainable, he said, addign that the Finance Minister has a road map ready to bring down the fiscal deficit to 5.3 per cent this year."

Answering on why he was so confident that the fiscal deficit will be brought down this year, the Prime Minister said, "reduction in subsidy across categories will definitely help us achieve that aim".

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