Reforms in safe hands, say Sonia, Manmohan

To pursue policies that would create favourable climate for enterprise & investment.

In a damage control move, the Congress yesterday said the process of economic reforms would be carried forward by the new government.

"The economic reforms were initiated by the Congress, by my husband, and later by Congress governments. They will be carried forward," Congress President Sonia Gandhi told the BBC.

Sonia said the country had seen a great deal of progress after Independence but people still needed support in many areas.

Taking the cue from his party leader, Manmohan Singh, who is tipped to be the next finance minister, assured investors that the Congress would pursue policies that would create a favourable climate for enterprise, savings and investment.

"We recognise the role of healthy capital markets in the country," said Singh.

"We are not pursuing privatisation as an ideology. But we are not against privatisation per se if it is shown to be in the national interest. We are open to all options," he told reporters outside his residence.

When asked about oil prices with global crude rates hardening to over $ 40 a barrel, he said, "When (oil)prices go up they have repercussions on the balance of payment, internal price structure and profitability of oil companies."

Earlier in the day, Congress leader Kamal Nath said the party had a considered view on disinvestment wherein public sector undertakings were divided into various categories.

"We will disinvest selectively. In the manifesto, we have clearly stated that profit-making public sector units will not be sold," he said.