Manmohan Singh defends Hard Economic Reforms

New Delhi: Prime Minister Dr. Manmohan Singh addressed the nation to defend the hard economic measures taken by him to revive the Indian economy. The PM sought to silence his critics, saying the diesel price hike and FDI in retain were necessary to take the economy forward.

“We are working towards a better future for all. We don’t want to burden the common people. My government wants to raise finance for infrastructure. Our reforms are aimed at creating job opportunities for the youth,” he said.

The PM reminded the nation about the tough times in 1991, when he started the economic reforms in India as the Finance Minister. The PM expressed confidence that he would again help the Indian economy grow with strong and much-needed measures.

“We had to take action before people lose faith in the economy. We need to contain subsidies as money does not grow on trees. Don’t get mislead by those who spread the canards. They did it in 1991 and trying to do so now. We need to take good economic measures to restore confidence among the investors,” said the PM.

“Not correct to say that traders would be finished by FDI in retail. In fact, FDI in retail would benefit the farmers and traders in this country. All states are free to decide whether they want the FDI or not. But, they have no right to prevent other states from allowing the FDI in retail, which would boost the employment opportunities and benefit the farmers,” said Manmohan Singh.

The PM defended the diesel price hike, saying India imports 80% petroleum, making things difficult for the oil companies to survive. “We were required to hike the diesel price by Rs 17 per litre, but we went with just Rs 5 hike to give some relief to the common man,” he said.

The PM sought the support of the people to battle the economic crisis and rejected the demands made by his detractors. His tone was aggressive and tough and he virtually asked the people to bite the reform bullet.