India government preparing new reforms: Finance minister
NEW DELHI (AFP) - India's finance minister said on Thursday that the government was preparing new economic reforms as it focuses on kickstarting investment in the sharply slowing economy.
After years of policy logjam and corruption allegations, Prime Minister Manmohan Singh's administration burst into life two weeks ago when it announced a sudden blitz of measures to open up the economy and cut subsidies.
Speaking after a meeting of leaders in the left-leaning ruling coalition, Finance Minister P. Chidambaram stressed that more changes were in the pipeline.
"The prime minister underlined the need for a number of measures that will ensure that there is no volatility in the rupee and that investment will continue to flow into India as well as stimulate domestic investors," he said. "The need to do more reforms was discussed. Specific measures will come before the cabinet."