 "FM has taken steps to reverse pessimism: Manmohan Singh")
Your first thoughts on the Budget...
We need to create 10 million jobs a year and raise the growth tempo… the FM has taken steps to reverse pessimism with regard to the investment climate, the growth potential and our economy' possibilities.
Are you confident about the climate for (project) clearances?
The Cabinet Committee on Investment will ensure roadblocks in project clearances are dealt with… The mood is, the country must not lose time. If the mood is right, it will infect the bureaucracy and Opposition.
Are you worried about structural distortions that have crept into the economy?
There are three barriers to realisation of the growth potential. One, the fiscal deficit. The FM has charted a path to rein it in. If we succeed, we will create a better investment climate. Two, inflation. If fiscal deficit is controlled, we will be able to moderate it. Three, the current account deficit. In the short run, it has to be financed. In the medium, it has to be reduced. That can be done partly by reducing unwanted imports and partly by boosting exports.
What reforms are you looking at in the next six months?
There is a lot of food for every ministry to chew on. Each has to ask itself this question: Does India need an eight per cent growth rate — which is inclusive and sustainable? What is it that each ministry should do? It is up to the collective wisdom of my council of ministers to convert these challenges into opportunities.