2nd generation reforms process irreversible 8212; FM

October 1: Finance Minister Yashwant Sinha has indicated that BJP-led NDA government8217;s top priority would be to vigorously pursue second generation economic reforms if voted back to power in the elections, results of which will be announced next week.

Rounding up his week-long visit here to participate in the annual Fund-Bank meeting, Sinha told Indian reporters on Thursday that central theme of second generation reform would be to cut burgeoning deficits of both Centre and States by effecting a statutory ceiling on borrowings.

The main objective would be to push the economy to a higher growth trajectory of eight to nine per cent, Sinha said adding for this fiscal prudence was needed and that a legislation would be brought-in for fiscal responsibility.

Asserting that there was a consensus among major political parties to carry forward the reform process which was now irreversible, Sinha said the next phase of reform would deal with the more difficult and unfinished tasks of liberalisation processstarted in 1991.