Finance Minister P Chidambaram on Wednesday denied that the reforms process in India has slowed down, saying it cannot always be seen through "corporate glasses."

Addressing members of the banking and financial community at the Indian Consulate via live video conference, the finance minister said the Union Budget 2007-08 addresses the issues of agriculture, health and education in a big way. "Are these not reforms?" the minister asked.

He said the government is bringing a Bill on amending insurance laws and changes related to financial market reform.

"Reforms that the corporate sector wants and reforms that others want have to go hand in hand," he said.

Chidambaram said that he has not done anything in the Budget to reverse the process of reforms.

The Budget, he said, reinforces the growth story that is unfolding in India, led by manufacturing and services sectors, which are on auto-pilot mode, both registering double-digit growth.

The finance minister emphasized that the highest priority needs to be given to agriculture and to that end the Budget has addressed a number of areas in that sector. "Growth has given us the confidence to take more responsibilities," he said.

"Today the need is for inclusive growth," he added.

During the 45-minute video conference, the first ever organised by the consulate with help from ICICI Bank, the finance minister fielded a number of questions from 60-odd bankers and financial market executives.

Among those present included top industrialists, analysts and media representatives.

In response to a question as to how the Budget addresses the issue of India's infrastructure challenges, Chidambaram said that today the government has put more money in infrastructure than ever before. "Massive investments are taking place in sectors like power,, telecom and roads and ports. We have also identified off-Budget resources for infrastructure," he said.

Above:  Finance Minister P Chidambaram explaining the Budget 2007-08 proposals to bankers, industrialists, analysts, financial market executives and mediapersons -- at the Indian Consulate in New York -- via a live video conference on Wednesday. The 45-minute video conference was the first ever organised by the Consulate with help from ICICI Bank.

Photograph: Paresh Gandhi