Mr Chidambaram told reporters that Congress - freed from the constraints of its former leftist allies - would reach across party lines to build consensus for a range of economic bills, including liberalisation of the insurance, pensions and banking sectors. "We will try to take the reform process forward," he said. "I am confident that we can secure a comfortable majority."
The victory in Tuesday's confidence vote has the potential to reinvigorate the United Progressive Alliance ruling coalition, which for the past four years has struggled to implement market-oriented reforms because of its dependence on the communists for a parliamentary majority.
The leftists finally withdrew their support for the government this month, triggering the confidence vote, after Manmohan Singh, the prime minister, pushed ahead with a civilian nuclear deal with the US that the leftists had staunchly opposed.
Click on "Full Story" for more..
By Sumit Kumar, Section Indian Economy
Posted on Sat Jul 26, 2008 at 02:49:08 AM EST
 |
But they would give a welcome boost to confidence. The rupee strengthened on Wednesday by 1.6 per cent against the dollar, to Rs42.075, helped by the reduced political uncertainty following the vote and a decline in crude prices.
Indian stocks also staged their biggest single-day rally in four months, up 5.9 per cent to 14,942.28 points led by banking stocks.
Washington's ambassador to India said that the US was on track to meeting key deadlines on the controversial nuclear deal, AFP reported. "We are very actively on our way," David Mulford told reporters in New Delhi, through a video link from Ohio. "We hope we can be in a position to send the legislation to Congress in early September."
Source: The Financial Times, India vows to revive economic reforms
| < RBI To Issue Final Guidelines On Mobile Banking | Tax Departmentt To Step Up Focus On Business-To-Business (B2B) Deals > |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
