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Govt working towards 9% decadal growth: Sinha

Union Finance Minister Yashwant Sinha said on Monday that the government was working towards achieving nine per cent economic growth over the decade as envisaged by Prime Minister Atal Bihari Vajpayee.

"Even though India's economy has registered a 6 per cent plus growth GDP growth, the government has been working toward achieving a nine per cent decadal rate of growth for the coming decade," Sinha said addressing the Singapore Indian Chamber of Commerce and Industry in Singapore

He said the government was committed on its reforms agenda and liberalisation measures undertaken with a view to reduce poverty and unemployment and improving the quality of life of the Indian population.

"Despite differences on some sensitive issues, there was a broad political consensus on the direction of economic policy changes and the reforms effort," Sinha said referring to the number steps announced in this direction in the budget.

"The fundamental objective of the reform endeavour is to ensure poverty eradication, employment generation and improvement in the quality of the life for one and all," Sinha said.

He said the globalisation process must be seen as an economic fundamental that addresses the need and concern of all sectors, segments and regions.

Sinha, also chairman of the Development Committee of International Monetary Fund and the World Bank, said it was the responsibility of the governments to ensure that the benefits of globalisation reached the poor.

The benefits of globalisation must also devolve to smaller and bigger nations evenly and equally, he said.

"If globalisation has to succeed, the international trade regime must not only be free but should also be fair," Sinha said.

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