PM unfolds measures to institutionalise political stability
Sheikh Manzoor Ahmed
November 28, 1999, 19:00 Hrs (IST)
New Delhi: Prime Minister Atal Behari Vajpayee today unfolded a series of measures his Government proposed to take to institutionalise political stability and to further strengthen the economy.
In an exclusive interview to UNI, he said political instability could be avoided by vesting elected bodies with a minimum tenure, five years for the Lok Sabha and the state assemblies, and replacing existing system of no-confidence motion with a constructive vote of non-confidence where the house voted for a new Government to replace an incumbent one.
'We propose to study various proposals in this regard," he said presenting a bright picture of the economy, he said inflation was at an all time low of around two per cent, the foreign exchange reserves at around 33 billion dollars and economy was expected to grow by more than six per cent this year.
Vajpayee said the National Democratic Alliance (NDA) poll manifesto target of achieving seven to eight per cent per annum GDP growth was not only achievable, but 'I have no doubt that we will enter the seven to eight per cent phase by the next year. Some say even this is a conservative estimate'.
Asserting that there was no contradiction between introducing the second generation of economic reforms and at the same time giving a 'swadeshi' thrust to the economy, Vajpayee said 'we have to keep pace with global developments or we will be left behind. At the same time we have to protect our domestic industry from unfair competition and look after our national interest'.
He said the Government was determined to achieve fiscal rectitude and proposed to set up an expenditure commission 'very soon' to review all subsidies, examine present expenditure and prepare the blue print for downsizing the Government.
Vajpayee said that to give a boost to Foreign Direct Investment (FDI) an 'automatic route' policy would be put in place. The steps in this direction should lead to at least ten billion dollars FDI every year.
The Prime Minister was confident that the NDA would hold together and its Government complete its full term. 'There is no reason for us for not to hold together.'
He said he was satisfied with the Lok Sabha results 'especially because we have secured a positive vote'.
Asked what were his Government's priorities, he said 'our immediate priority is to provide an impetus to economic reforms, generate employment opportunities and concentrate on the social sector, especially primary education, basic health and shelter. We will also adjust security needs both internal and external'
UNI
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