FM admits UPA government's failure on two fronts

Finance Minister P Chidambaram on Sunday admitted that the performance of the United Progressive Alliance(UPA) government at the Centre was below expectation in two areas-one its inability so far to push forward further reforms in the financial sector, especially in banking, insurance and pensions, and second was its failure to improve the systems for the delivery of social security programs. Expressing the hope that these reforms would take place in the remaining tenure of this government, he said "the Centre has considerably increased the outlays on these programmes, but this has not yet translated into better outcomes." Â
Addressing a luncheon session on 'The Shifting Power Equation,' at the India Economic Summit 2007, organized by the Confederation of Indian Industry (CII) and the World Economic Forum, in the national capital the FM said the rigidity of the bureaucracy remains a hurdle in achieving more inclusive growth. He expressed happiness over the growth of Indian companies, both organically and inorganically, and called for creating a competitive environment to promote entrepreneurial skills in the country. Â
On an optimistic note, the Chidambaram said "India would acquire these advantages through its ability to produce goods and services at a lower cost, nimbleness of its entrepreneurs, the managerial talent, demographic advantage and the drive of its younger generation."He further added, through better policies, good governance and better implementation, "we can reap the benefit of our demographic dividend and not allow it to become a liability. Our water resources can also be managed better." He said India could accelerate the growth process if the stakeholders were willing to experiment with new models of delivering goods and services, instead of depending on old failed models. Â
Speaking on the global forum, Chidmbaram said "India has been playing a responsible and reasonable role. India was committed to keep its per capita emissions below the level of the developed countries." He admitted that India was lagging behind in achieving the millennium development goals but urged the world to help India carry forward its drive towards better health and education.
Source:- http://www.headlinesindia.com/archive_html/03December2007_64794.html