English | دری

Manmohan Singh defends his recent economic plans

in International Business

Manmohan Singh defends his recent economic plans

India’s Prime Minister Manmohan Singh defends the unpopular economic reforms he has to undertake for reviving investor confidence.

The reforms include opening up India’s retail sector for foreign supermarket giants and allowing them to buy large stakes in the sector.

Trade union and opposition party strongly opposed the decision.

Mr. Singh, however, decides to continue with the changes to help stimulate economic growth, which has been at its slowest rate in two years.

“We have to restore the confidence of foreign investors… Money does not grow on trees and that is why we have made these decisions,” Mr. Singh said in a rare national televised address.

Officials hope that increasing foreign investment will boost the stock market and encourage Indian companies to borrow cheaply abroad.


Tags assigned to this article:
Manmohan Singh

Related Articles

US isolates North Korea’s economy for pursuing nuclear weapons

The United States government hit North Korea with more sanctions on Friday for pursuing nuclear weapons. As many as 11

Trump releases $4 trillion budget plan

President Donald Trump released his $4 trillion-plus budget plan today, which includes his long-awaited infrastructure project and seeks funding for

David Cameron arrives in Japan for start of Asia tour

The prime minister has arrived in Tokyo, Japan, on the first stop of a visit to East and South East

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment

Your e-mail address will not be published.
Required fields are marked*

Time limit is exhausted. Please reload the CAPTCHA.