TITLE

A Passing Grade?

AUTHOR(S)
Mazumdar, Sudip
PUB. DATE
July 2004
SOURCE
Newsweek (Atlantic Edition);7/19/2004 (Atlantic Edition), Vol. 144 Issue 3, p4
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
This article discusses India's economy. Last week Indian Finance Minister P. Chidambaram unveiled his country's new annual budget, trying to prove that India's 13-year streak of free-market reforms wouldn't be derailed by the newly elected, left-leaning government. Although Prime Minister Manmohan Singh, a highly respected economist, has repeatedly assured investors that there is no contradiction between fighting poverty and continued economic reform, most were suspending judgment until they saw it in black and white. The new budget further opened key business sectors like insurance, civil aviation and telecom to foreign investment. It also showed an equal passion for spending more--both on worthwhile health and education investments and on inefficient subsidy programs--while failing to cut the deficit. Sources in the government say that Singh's hands were tied by Congress's leftist partners, and that he hopes to tackle more controversial issues in next year's budget.
ACCESSION #
14044852

 

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