The Hindu : Front Page : Montek bullish on growth rate

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Sunday, Jun 20, 2004

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Front Page

Montek bullish on growth rate

By Our Special Correspondent

The Deputy Chairman-designate of the Planning Commission, Montek Singh Ahluwalia (left), calls on the former Deputy Chairman of the panel, K.C. Pant, at his residence in New Delhi on Saturday. -- Photo: V. Sudershan

NEW DELHI, JUNE 19. The Deputy Chairman-designate of the Planning Commission, Montek Singh Ahluwalia, today visited Yojana Bhavan and had preliminary discussions with the Commission Secretary, Rajiv Ratan Shah, on the coming budget. Dr. Ahluwalia, who has quit the International Monetary Fund, is expected to take charge on July 1.

Talking to the media later, Dr. Ahluwalia said that hard economic decisions were necessary to achieve the 7-8 per cent growth rate target set in the Common Minimum Programme (CMP) of the United Progressive Alliance Government. ``Progress is made only if you are willing to take hard decisions... I am confident that 7 to 8 per cent economic growth rate is achievable.''

Dr. Ahluwalia refused to be drawn into a discussion on the demand for an increase in the interest rate on Employees Provident Fund and other small savings instruments. ``I do not want to comment on demands of individuals or political parties. Our effort would be to translate the CMP into action.''

Asked about the apprehensions among the Left parties over his appointment, he said: ``We do have a common framework supported and endorsed by different groups supporting from within and outside. I am quite convinced that the CMP provides enough flexibility to meet the expectation of all and take forward the reforms process and implement the reforms with a human face. I have no difficulty in working in this atmosphere.''

India's economic policy had been appreciated worldwide simply because it was framed after a broad consensus and the CMP reflected this.

Terming the task ahead huge, he said Prime Minister Manmohan Singh had given a clear direction on implementing the CMP which had clearly outlined a broad policy in terms of plan programme and plan policy. It would be the task of the Planning Commission to translate them into action. Dr. Ahluwalia also called on his predecessor, K.C. Pant.

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