UPA endorses govt’s economic reform measures

New Delhi: After Congress, the UPA today endorsed government’s recent tough economic decisions and discussed the need “to do more reforms”.

At a meeting of constituents of the UPA, Prime Minister Manmohan Singh underlined the need for economic reforms to ensure flow of foreign investment.

A fortnight after the announcement to allow FDI in retail, cap cooking gas subsidy and hike diesel prices, the leaders of the ruling coalition today expressed “general satisfaction” over the decisions, which saw the exit of Trinamool Congress- the second largest UPA constituent.

“We reviewed the situation following the number of decisions announced in the last 10 days. There was general satisfaction that many of the steps taken by the government, although some of them would put a burden on the people, have been welcomed by stakeholders as necessary and unavoidable,” Finance Minister P Chidambaram told reporters.

“The need to do more reforms was discussed,” he said.

He said by and large the message had gone to the people that these measures were unavoidable and necessary. “We thank the people for their understanding,” he said.

The meeting of the UPA committee, chaired by Sonia Gandhi, comes two days after the Congress Working Committee endorsed the government’s decisions on economic reforms.

At the UPA Coordination Committee meeting, Chidambaram said the Prime Minister underlined the need for a number of measures to ensure that investments continue to flow in India.

“The Prime Minister underlined the need for a number of measures that will ensure that there is no volatility in the rupee and investments continue to flow into India as well as stimulate domestic investors so that they would also invest in the economy,” he said.

The Finance Minister said that the meeting did not discuss specific reform measures like FDI in insurance and pension. .