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Reforms should be indigenous, says Rao

Former Prime Minister P V Narasimha Rao on Tuesday, said that the country could progress through reforms in all sectors of the economy, provided they were carried out systematically.

Inaugurating a two-day seminar on Potentials of medicinal and aromatic plants for income generation and exports in Hyderabad, Rao said that reforms should be indigenous and without any negative impact on the common man.

"In the name of globalisation, we should not only import the best, but also give our best to the outside world. There should be concerted efforts and coordination in exchanging information for better use of information technology," he said.

About withdrawal of subsidies, Rao said that while heading the government, he had extended subsidy to palm oil and there was abundant production. After withdrawal of subsidy, the government had to go in for imports of edible oils costing the exchequer Rs 50 billion.

"We cannot afford to withdraw subsidies abruptly. It would effect the farm and other essential sectors, jeopardising the indigenous growth of economy," Rao said.

D N Tiwari, member, Planning Commission, said that the union government had already set up a national board for medicinal plants to improve export potential of herbal products and also to help farmers to grow medicinal and aromatic plants.

The centre has earmarked Rs 1 billion for development of agro-technology and complimented the former prime minister for selecting the subject as part of his vast programme of national backward areas development.

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