The Hindu Business Line : `Reforms in farm sector must'

THE architect of the Indian financial sector reforms and the former Governor of Reserve Bank of India, Mr M. Narasimham, has strongly recommended need for reforms in the area of agriculture.

He was addressing a gathering of economists, academicians and bankers here on the eve of release of his book `Economic Reforms: Development and Finance' by the RBI Governor, Dr Bimal Jalan.

According to Mr Narasimham, the reforms initiated in 1991 represented more than a policy response to the economic circumstances of the time. "They constitute in a real sense a paradigm shift in our views on economic management and the recognition of the role of the State as a facilitator rather than as investor in pursuit of development."

He stressed the need for accelerating social investment, particularly investment in education and health to improve the quality of life and progress towards amelioration of poverty.

However, Mr Narasimham said reform was not an event but a process. "There is no finite end to reform. The process is an on-going one and should cover more areas of the economy, such as agriculture and small industry, apart from the labour market."

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