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May 1, 2001
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Money > Business Headlines > Report May 1, 2001 |
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Investments, jobs in India hit by US slowdown, says SinhaBS Economy Bureau Finance minister Yashwant Sinha has said the US slowdown has caused turmoil in India, including in the stock markets and on job creation. Sinha made the comments in his intervention at the meeting of the International Monetary and financial committee of IMF in Washington. The minister said: "Because of the US slowdown we see the adverse effects on job creation and considerable holding back of investments in critical sectors, in India." Sinha said the only way to reverse the downturn in the world economy is for the nations to rely less on private capital and policy reform, and instead concentrate on launching a massive international state sponsored investment programme in developing countries. Terming it a rerun of the Marshall Plan that helped to rebuild Europe after the Second World War, Sinha asked for a Multilateral Marshall Plan. Sinha said the nineties decade has seen repeated attacks of financial instability. He said this is the downside of globalisation, to counter which he suggested setting up a capital account regulatory framework and a more stable and better managed exchange rate system. He said there is a need to pay more attention to the exchange rate management system between USA, Japan and the European Union. Earlier the Indian finance minister told a meeting of the IMF-World Bank that while the developing world including India are removing restrictions on trade including agriculture, the developed world are resorting to non tariff trade barriers. Removal of these barriers can be a major source of export growth, employment and poverty alleviation. Sinha also came down heavily on conditionalities imposed by IMF. He said it often intrudes into sovereignty where it is not required, and should be instead made consistent with its intended purpose of achieving structural reforms in the economy. Powered by YOU MAY ALSO WANT TO READ:
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