JAIPUR (PTI): India’s finance minister Dr.Manmohan Singh April 3 said the government will not allow multinationals to gain monopoly in the Indian market and domestic investment will be the main determinant of Indian investment.
Addressing a Press conference in the capital city of the western Indian state of Rajasthan, he said the pace of reforms would not be in accordance with the pleasure of foreign investors but what suited India’s interest.
The labor laws of the country would not be changed as foreign investors wanted but would be done keeping the interest of the working class in mind, Dr.Singh said.
He said to prevent any irregularities in the banking system, the supervisory role of the reserve bank of India has been strengthened and more power delegated to the Securities exchange board of India.
The reserves of the country had reached 6.5 billion dollars due to the economic measures adopted by the government, the minister said.
Article extracted from this publication >> April 9, 1993
