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No going back on economic reforms, PM tells trade unions

Prime Minister Atal Bihari Vajpayee on Friday rejected trade union criticism of economic reforms policies asserting that there was no going back on reforms and said the government did not intend to implement measures which would lead to retrenchment.

"There is no chance of turning back on the economic reforms.... in the changing times, we have to stand in competition in the global market," he said inaugurating the 37th session of the Indian Labour Conference in New Delhi.

Vajpayee said: "No country can ignore multilateral and bilateral obligations in today's world. Therefore, we have to carefully calibrate the pace and extent of external liberalisation to fully protect and promote our national interests."

He also sought to allay apprehensions of the trade unions saying workers' interests would be kept in mind while deciding on divestment and inviting foreign capital.

The prime minister's statement followed the opening remarks at the conference by BMS general secretary Hasmukhbhai Dave that divestment in Balco and allowing of foreign direct investment in the defence sector raised an "accusing finger" towards the Centre's economic policies.

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