NEW DELHI: Accepting that economic reforms in the country have slowed down and is expected to be slow till the next general elections in 2014, the Chief Economic Advisor Kaushik Basu, stated that they will gain momentum thereafter and from 2015, India will be positioned among the world’s fastest growing economies.
Basu has said that less important bills expected to go through Parliament but important economic reforms would be facing trouble. He has also highlighted that there were few reforms that need to go into fast gear and opening up of the Indian retail sector among one of them.
The central government is needed to address the issue of massive subsidy leakage and also poor infrastructure.
This statement has come while addressing a meeting at the Carnegie Endowment for International Peace, a Washington-based think tank.
In Washington to attend the Annual Spring meeting of the International Monetary Fund (IMF) and the World Bank, Basu also threw light on the concerns displayed by US corporates on recent decisions of the Indian Government along with its reluctance to initiate series of the next phase of reforms.
Basu is accompanying Union Finance Minister Pranab Mukherjee to the IMF, World Bank meet.