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Bakht hardsells 'second generation reforms' to US business people

C K Arora in Washington

Industry Minister Sikander Bakht has said that his government, having consolidated the first phase of reforms, is now ready to launch the ''second generation reforms,'' thus setting at rest doubts created by the Bharatiya Janata Party's so-called swadeshi economic approach.

Speaking at a luncheon meeting of the US-India Business Council yesterday, he said the recent political developments in India "would not have any bearing on the future course of reforms.''

He said he ''looked forward to a quantum jump in Indo-US partnership in the years to come.''

He listed the new policy initiatives, including simplification and consolidation of industrial regulation, allowing of foreign investment in real estate and insurance sector and effective corporate governance.

Bakht said US investors were familiar with and convinced of the structural changes and India's commitment to economic reforms. ''The market India offers is enormous. The infrastructure sector offers investment opportutnities of over 345 billion dollars.''

''I am sure these opportunities would weigh greatly in the minds of prospective investors,'' he added.

Bakht said the reform process was aimed at poverty amelioration and economic well-being of the entire people. ''We believe that globalisation, if adopted judiciously and equitably, would increase the welfare of the entire humanity,'' he added.

''We also believe that globalisation creates the opportunity to share capital, technology and knowledge on a global scale,'' Bakht said adding, ''in fact, the world has moved to a point where global integration has become necessary.''

''My government is, therefore, moving towards global integration with renewed determination,'' he added.

UNI

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