The Hindu Business Line : PM promises `bold' policy initiatives to boost growth

THE Prime Minister, Dr Manmohan Singh, today promised "bold" policy initiatives on the economic front so that public finances may be improved at all levels of Government.

Calling for a reduction in "wasteful" subsidies and diversion of resources into needed social sector expenditure, the Prime Minister sought "out-of-the-box" initiatives to boost economic growth.

He was speaking at a function held to mark the completion of one year of the UPA Government in office.

"Bold initiatives are called for on the economic front. I would like to see an improvement in our public finances at all levels of Government ... there is an urgent need for the restructuring of public expenditure and improving the working of Ministries," he said.

In his speech, which followed an address by the UPA Chairperson, Ms Sonia Gandhi, Dr Singh said: "The people of the country are impatient for change, impatient for a better quality of life, impatient for new opportunities. We will be failing them if we do not think out of the box and act with courage. Bold initiatives are called for on the economic front."

He also outlined future challenges about expansion and modernisation of physical and social infrastructure.

The priority areas include roads, railways, ports, airports and telecommunications, besides education and healthcare, he said.

"The challenge before us is to combine the economies of growth with the economies of equity and social justice. We have no option but to walk on two legs."

Dr Singh said that the UPA Government's policies will address the challenge of sustaining growth impulses while reducing disparities in income and wealth.

"While focusing on generating new employment, we will improve our climate for investment. A rapidly expanding economy alone can provide us resources to deal effectively with problems of mass poverty."

Meanwhile, Ms Gandhi lauded the Government's efforts to stick to the common minimum programme but also warned the coalition against being lulled by any sense of complacency.

"The roadmap of our collective journey, the CMP, has many milestones that remain to be crossed ... let us resolve to move decisively forward to implement that vast agenda that awaits us," she said.

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