NEW DELHI (AP) — The Indian government's chief economic adviser says India won't likely pursue any major economic reforms until after 2014 parliamentary elections.
Kaushik Basu said this week at the Carnegie Endowment for International Peace think tank in Washington, D.C., that key reforms — including opening up its retail sector — would probably be put on hold as the government deals with resistance within its coalition, persistent corruption and infrastructure upgrades.
India's central bank warned this week that a delay in reforms would jeopardize growth and advised the government to cut subsidy spending, control its deficit, and address food supply problems that have caused double-digit prices rises.
U.S. companies have also expressed concern about a slowdown in India's decision-making.
[Find top-rated emerging market ETFs.]
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Reader Comments