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UPA govt to implement economic reforms in two years: Salman Khurshid

Law minister Salman Khurshid has said the Congress-led UPA government has found the "right combination" in the alliance to push through much-needed economic reforms in India in the next two years.

Minister of Law and Justice Salman Khurshid Minister of Law and Justice Salman Khurshid
Minister of Law and Justice Salman Khurshid has said the Congress-led UPA government has found the "right combination" in the alliance to push through much-needed economic reforms in India in the next two years.

"We have moved in a manner which is sustainable from economic and political point of view. Economic growth for us is not only rapid growth but inclusive growth," he said.

The minister was delivering his inaugural address at a three-day 12th International Conference on Corporate Governance and 3rd Global conference on Sustainability at the Royal Over-Seas League in London on Wednesday night.

"We have found the right combination in the alliance to push through the reforms and we will be able to provide the promised platform in the next two years." Khurshid said, apparently referring to the exit of Mamta Banerjee's Trinamool Congress from the ruling coalition UPA over major reforms like foreign direct investment (FDI) in retail.

"We are today giving under BPL (Below Poverty Line) free health insurance up to Rs 30,000 and we will hopefully provide everyone a dwelling house. We have guaranteed 100 days of employment at least one in a family and we will very soon ensure 65 per cent of the population get subsidised food," he said, reeling out several measures the government had taken to bring about not only a rapid growth but and inclusive growth.

Khurshid said a new legislation is being brought for acquisition of land under which there would be no room for agitation.

The minister noted that there was enormous opportunity in education and automobile sectors.

"We did have problems in the telecom sector but a very far reaching dramatic judgement has come (from Supreme Court) which has clearly stated 'it is not our job to judge what is good economic and bad economic policy'."

Referring to the controversial 'Retrospective effect tax', the minister said "it is done here (in the UK), USA and China.

We have concerns about it and some tweaking is necessary. The severity of the retrospective effect will be reduced substantially."