India to follow hands-off economic policies: PM

Prime Minister Manmohan Singh today said his government has followed 'hands-off' policies and will remain committed to liberalisation. The statement has come amid increasing criticism by the Left parties against the free market forces in the wake of price rise.

"We remain committed to economic reform and liberalisation... In ancient India, a monarch was regarded as a good king if he did not interfere too much in the life of the people. That has been our guiding principle as as well," Singh told delegates of the IISS-City India Global Forum attending an international conference in the Capital. Singh said that his government was also committed to an environment of freedom "in which creativity and enterprise of our people can find its full and free expression".

Inviting overseas investors to bring in more funds into the country, he said that globalisation was both a challenge and an opportunity and India would like to be "an active participant in the process of globalisation".

Prime Minister's assurance to the investors assumes importance in the wake of Left parties, which support the United Progressive Alliance government from outside, launching an agitation against the government, which they said, was promoting "monsters of market forces".

The Left parties have been staging street protests against inflation which has crossed seven percent mark. They also attacked the government in Parliament on the same issue spiralling prices along with the Opposition. Further, the Prime Minister asked the overseas investors to stay invested in the country, "because for India the best is yet to come". (PTI)

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