A week after the privatization programme received a setback following the Supreme Court order halting divestment in two oil PSUs, Deputy Prime Minister L K Advani on Sunday asserted that economic reforms were irreversible.

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Inaugurating the Vibrant Gujarat Global Investors Summit in Ahmedabad, Advani said the Indian economy is the fastest growing in the region and the country should be able to strengthen the process further in the future.

"Our government under the visionary leadership of Prime Minister Atal Bihari Vajpayee has been implementing a carefully crafted agenda of economic reforms whose fruits are already becoming visible. India's prestige in the world is rising rapidly. The international community sees India as an emerging economic power," he said.

Earlier this week, Divestment Minister Arun Shourie had met the deputy prime minister and Law Minister Arun Jaitley to discuss the fallout of the SC verdict.