Union Minister for Commerce and Industries Anand Sharma said on Saturday that there was no policy paralysis and people should have faith in the government.
“We in the government are committed to the path of reforms. Whatever decisions have to be taken to ensure that India remains steady on the path of progress are being taken and implemented,” said Mr. Sharma at the inauguration of the National Institute of Intellectual Property Management here on Saturday.
“We cannot have naysayers and sceptics holding India back on the path of progress. The government will do what serves India’s national interest,” he added.
On India’s Foreign Direct Investment (FDI) policy, he said: “We have an investor friendly and good FDI regime. We will sustain the interest of foreign investors. But policies are not cast in stone, we have to respond to the changing times. The global economy has still not recovered from the economic downturn that started in 2008. Despite this, last year India received the highest FDI in any calendar year, of over $50 billion.”
Accepting that the global downturn had an effect on India, he said: “Our trade account deficit is reaching unmanageable proportions due to various reasons including ballooning fuel prices and all this is directly affecting the value of rupee in the global market.”
On cotton export issues, he said, “Our primary duty is to ensure that our own country’s requirements are fulfilled and then whatever surplus is available must be allowed to be exported.”
