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'Political drama' will not affect economy: PM

Prime Minister Atal Bihari Vajpayee today asked the international business community not to be ''overly influenced by the political drama of the day,'' and assured it that his government would act ''a lot faster and firmer on our economic agenda in the coming months.''

Inaugurating the '1998 India economic summit' of the World Economic Forum, Vajpayee said that economic opportunities in the country would grow irrespective of political vagaries.

The prime minister's speech, the first delivered after the debacle of his Bharatiya Janata Party in the assembly elections, quelled speculation that the reform process could be derailed as a result.

India, he said, recognised that the global shortage of capital meant that nations must compete in creating a milieu that attracts foreign investment. ''India would be second to none in establishing a transparent framework in which such investment can flourish.''

Vajpayee said the reform process had become irreversible and that his government had ''depoliticised'' the economic agenda. ''I would like to assure you that the volatility in Indian politics will have no fundamental impact on the process of economic reforms in the country.''

The three-day summit is being organised by the WEF in partnership with the Confederation of Indian Industry.

The Indian government's approach to economic development would be on the lines suggested by Indian Nobel laureate Amartya Sen who advocates liberalisation and globalisation with a credible programme to improve the social sector, he said.

''We would like to make India an attractive investment destination for foreign investment -- both foreign direct investment and foreign institutional investment, '' he said.

UNI

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