PM to press ahead with reforms

The Prime Minister, Mr. P. V. Narasimha Rao, has vowed to press ahead with his Government’s on-going economic reforms. Addressing a Congress (I) rally at the historic Red Fort grounds today, convened to commemorate his completion of third year in office, Mr. Rao warned that if the reforms were not pursued vigorously then “India would be left behind in the global race for development.” He clarified that the reforms were not being pursued in a “blind, reckless manner” as the Opposition was trying to portray. Instead the policies were “well-thought-out” measures based on party policies. “We have not deviated from the path shown by Nehru, but have only reoriented the pace and direction of reforms to suit the prevailing environment,” he said.

RBI clears board for supervision

The decks have been cleared for the setting up of the Board for Financial Supervision (BFS), with the recently reconstituted Central Board of the Reserve Bank of India according its formal seal of approval. The BFS, to be set up within the RBI, is to act as a watchdog for the entire financial sector.

Workers’ stir hits PSU operations

Operations of public sector undertakings (PSUs) were disrupted across the country on Thursday following a one-day strike called by the Left-dominated trade unions demanding speedy wage settlements and removal of the ceiling on bonus payments. Introduction of a pension scheme, fixation of slabs for dearness allowance payments, Governmental initiative to revive sick public sector units and dropping of the reported move to privatise the sector were among the demands for the strike.

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