Basu meets PM to clarify statements

Basu is believed to have given clarification about his comments on economic reforms, which had generated a big debate on the issue across the country.

During his visit to the US last week, Basu had said that major economic reforms in India would hit a roadblock and are unlikely to happen before the next Parliamentary elections in 2014.

Post-2014, he had said, "you would see a rush of important reforms" and after 2015 India would be one of the "fastest growing" economies of the world.

However, later on he had clarified that India will see "some important" reforms in the next six months, including on subsidies, and may be partial diesel decontrol and Foreign Direct Investment in retail.