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Reforms on track, divestment irreversible: PM

Prime Minister Atal Bihari Vajpayee has said India's privatisation process is 'on track and irreversible', notwithstanding the three-month freeze on further privatisation imposed by government last month.

"That impression is not correct. As regards divestment, there is no going back. It is irreversible," Vajpayee told the Financial Times in an interview published on Monday, amid fears that the divestment process had been derailed in the face of stiff criticism from within the government.

Vajpayee also said that he planned to take measures to lift India's growth rate from the current average of between 5 per cent and 6 per cent of gross domestic product to 8 per cent a year or more.

"This is achievable provided we can accelerate the momentum of economic reforms," he said.

"We need to control government expenditure, address the continuing bottlenecks in infrastructure and promote employment-friendly labour policies," he said.

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