INDIA: NEW FINANCE MINISTER MANMOHAN SINGH INTENDS TO INITIATE FAR-REACHING CHANGES.

Record ID: 860681

  • Title: INDIA: NEW FINANCE MINISTER MANMOHAN SINGH INTENDS TO INITIATE FAR-REACHING CHANGES.
  • Date: 25th June 1991
  • Summary: NEW DELHI, INDIA (JUNE 25, 1991) (VISNEWS- REUTERS) SCU NEWS CONFERENCE/ FINANCE MINISTER MANMOHAN SINGH SPEAKING (ENGLISH) TRANSCRIPT (SEQ 1/3) SINGH: "Ladies and gentlemen, I want to share with you that the world has changed beyond recognition we in this country have to wake up to the harsh raw realities of this world if we don't wake up now, we will have mortgaged the economic independence of this country. A crisis therefore is also an opportunity, as I am going to use this crisis to begin a process of structural changes. There have been some problems beyond our control. That is the message of structural change we will ensure that our industrial economy becomes a vibrant industrial economy". GV CUT AWAY TO PRESS SCU SINGH CONTINUES
  • Embargoed: 10th July 1991 13:00
  • Keywords:
  • Location: NEW DELHI, INDIA
  • City:
  • Country: India
  • Topics: Economy,Politics
  • Reuters ID: LVA4XBL1XWW4K3C71NT47HTWZYWE
  • Aspect Ratio:
  • Story Text: New Indian Finance Minister Manmohan Singh said on Tuesday (June 25) that he would initiate far-reaching changes to help India overcome the economic crisis, its worst ever.

    Speaking to reporters a day after taking office, Singh said the world had changed beyond recognition. He urged the Indian people to wake up to "the harsh new reality of this change", or risk what he called mortgaging the country's economic independence.

    Singh declined to give any details of how he would start creating what he called an efficient and internationally competitive economy, but said he would use the current crisis to "begin a process of structural change".

    He added that India would not default on its 70 billion United States dollars foreign debt and he repeated new Prime Minister P.V. Narasimha Rao's promise that India would open its doors to foreign investment and make it a "rewarding experience".
  • Copyright Holder: REUTERS
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