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The Indian government is expected to revive an economic reform agenda following its victory in a confidence vote earlier this week. Anjana Pasricha has a report from New Delhi.
When the Congress-led coalition1 government came to power four years ago, it promised to open the economy in sectors3 such as insurance, banking4 and retail5. But communist allies stalled those plans.
But since left parties parted ways with the government, hopes have risen that the country's economic reform agenda will get a new lease on life.
The government, which survived a confidence vote earlier this week with the help of new political partners, has already promised to carry forward the reform process.
Economists7 say the government could revive plans to sell part of its equity8 in public sector2 companies to shore up its finances.
There could also be some good news for foreign investors9 - foreign investment in the insurance sector is likely to be raised from 26 percent at present to 49 percent.
However more controversial reforms are expected to remain on the backburner.
Economist6 D.H. Pai Panindiker, who heads an independent research group in New Delhi, the RPG Goenka Foundation, says the government is unlikely to concede to a long-standing demand of industry to change India's archaic10 labor11 laws.
"They will definitely stay away from labor reform, which can create a lot of uncertainty12 or some kind of apprehension13 among some sections of society," he said. "For example if you make labor a contract, it may create some dissatisfaction in the working class."
The government is also unlikely to open up the retail sector to large foreign chains such as Walmart. So far only foreign retailers14 selling single brands such as Nike are allowed in the country. There is widespread opposition15 to large retail chains from owners of millions of mom and pop stores, who fear that these chains will threaten their livelihood16.
Political analysts17 say the government, which is already grappling with high inflation, is no mood to do anything that might alienate18 voters when general elections are less than a year away.
Nevertheless, Indian industry is optimistic that the economy will get fresh momentum19 at a time when many fear that the high growth witnessed in recent years might be tapering20 off.
1 coalition | |
n.结合体,同盟,结合,联合 | |
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2 sector | |
n.部门,部分;防御地段,防区;扇形 | |
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3 sectors | |
n.部门( sector的名词复数 );领域;防御地区;扇形 | |
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4 banking | |
n.银行业,银行学,金融业 | |
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5 retail | |
v./n.零售;adv.以零售价格 | |
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6 economist | |
n.经济学家,经济专家,节俭的人 | |
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7 economists | |
n.经济学家,经济专家( economist的名词复数 ) | |
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8 equity | |
n.公正,公平,(无固定利息的)股票 | |
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9 investors | |
n.投资者,出资者( investor的名词复数 ) | |
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10 archaic | |
adj.(语言、词汇等)古代的,已不通用的 | |
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11 labor | |
n.劳动,努力,工作,劳工;分娩;vi.劳动,努力,苦干;vt.详细分析;麻烦 | |
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12 uncertainty | |
n.易变,靠不住,不确知,不确定的事物 | |
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13 apprehension | |
n.理解,领悟;逮捕,拘捕;忧虑 | |
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14 retailers | |
零售商,零售店( retailer的名词复数 ) | |
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15 opposition | |
n.反对,敌对 | |
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16 livelihood | |
n.生计,谋生之道 | |
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17 analysts | |
分析家,化验员( analyst的名词复数 ) | |
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18 alienate | |
vt.使疏远,离间;转让(财产等) | |
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19 momentum | |
n.动力,冲力,势头;动量 | |
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20 tapering | |
adj.尖端细的 | |
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