Business Daily from THE HINDU group of publications
Sunday, Dec 17, 2006
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Business Daily from THE HINDU group of publications Sunday, Dec 17, 2006 ePaper |
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Industry & Economy
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Economy `Focus should be on competitiveness' Our Bureau
DR Y.V. REDDY
Hyderabad , Dec. 16 The future of Indian economy is likely to be more stable, according to the Governor of the Reserve Bank of India, Dr Y.V. Reddy. He said the growth of the country would be in global scale and global standards. "We have assessed that it continues to be one of the best," he said. There are, however, certain lessons. The external sector policy should continue to emphasise on competitiveness. The country needed to focus on product competitiveness. The benchmark should not be in our own performance, but the best in the world, he added. The RBI Governor said the post-reform phase helped the country achieve stability on important financial parameters. He was speaking after inaugurating the Diamond Jubilee celebrations of Osmania University's Commerce Department here on Saturday. Dr Reddy said the country had been registering about six per cent growth rate in the last 20 years. "There is stability. There are no imbalances," he said. Giving a bird's eye of the Indian economy before and after the introduction of reforms in the 1990s, he said thanks to the reforms the country could now sit on comfortable reserves of $170 billion, higher than the total debt of $130 billion. The focus of the phase during 1950-1990 was entirely on self-sufficiency and export pessimism. The post-reform phase helped to make current accounts deficit manageable and comfortable.
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