- CNTV English - CCTV News

Indian PM explains economic reforms

09-22-2012 07:53 BJT

Watch Video

Play Video

By CCTV Correspondent Shweta Bajaj

Indian Prime Minister Manmohan Singh has offered an explanation for allowing FDI in multi brand retail sales and an increase in diesel prices. The Prime Minister urged the nation to understand why the government has taken these steps and said they would only help the Indian economy.

All eyes were glued to the television as the Indian Prime Minister addressed the nation explaining the government’s new thrust on economic reforms.

Recently India introduced foreign direct investment in multi-brand retail, aviation and broadcast industry.

The new economic reforms led to protests around the country coupled with its own allies pulling out reducing the ruling congress coalition to a minority government.

An activist of India’s main opposition Bharatiya Janata Party (BJP) shouts
slogans as she carries an old cooking stove on her head during a protest in
New Delhi, India, Saturday, Sept. 15, 2012. (AP Photo/Altaf Qadri)

Manmohan Singh, Indian Prime Minister, said, "Organized, modern retailing is already present in our country and is growing. All our major cities have large retail chains. Our national capital, New Delhi, has many new shopping centres. But it has also seen a three-fold increase in small shops in recent years. In a growing economy, there is enough space for big and small to grow. The fear that small retailers will be wiped out is completely baseless. "

It’s been a week of drama in Indian politics where one of the allies Trinamool congress pulled out of the coalition taking away its 19 seats.

Currently the Indian government has 254 seats out of 545. Despite the crisis, the Indian government is likely to get outside support from other political parties.

Mamata Banerjee, Leader of Trinamool Congress, said, "This is terrorism. One day we wake up to find diesel is expensive and the next day petrol and the third day gas is expensive.

This government has lost touch with reality and no longer understands how a household is run."

In this Tuesday, Nov. 23, 2010 file photo, Indian Prime Minister Manmohan Singh
listens to a speaker during a conference in New Delhi, India.
(AP Photo/Manish Swarup, File)

In retaliation to its ally pulling out the Indian Prime minister said it’s time for tough decisions.

Manmohan Singh, said, "I promise you that I will do everything necessary to put our country back on the path of high and inclusive growth. But I need your support. Please do not be misled by those who want to confuse you by spreading fear and false information. The same tactics were adopted in 1991. They did not succeed then. They will not succeed now."

His speech was broadcast hours after Mamata Banerjee and her party, the Trinamool Congress, pulled out over the Indian government’s decision to introduce FDI in multi brand retail and increase in prices of diesel and cooking gas.

Next week will see number games in India’s political circles which the congress led government will have to play to avoid early elections. Shweta Bajaj, CCTV, New Delhi.



Editor:Zhang Pengfei |Source:

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program