? strong economy and democracy have correlated together throughout India’s history, said the President of the House of Representatives Demetris Syllouris, and said the country should keep to the path of liberalisation.
Speaking on Thursday at an event regarding a Cultural Introduction to Indian Democracy and Opportunities of India, in Limassol, Syllouris said that being the world’s second most populous country, it is no wonder that India is considered to be the biggest democracy. Amongst the many positive factors that are attributed to political freedom, economic prosperity is one of them he said and noted that a strong government is obligated to provide effective and fair administration, and good governance to its citizens.
The President of the House also referred to the economic liberalisation measures that were put forth in the early 1990s, including industrial deregulation, privatisation of state-owned enterprises, and reduced controls on foreign trade and investment, saying that they helped to accelerate growth.
He added that India has done a remarkable job in reforming its telecommunications sector, airlines, stock markets, and banks. All these factors have transformed the country, making it to be the fastest growing major economy in the world. In fact, India is expected to be one of the top three economic powers of the world over the next 10 to 15 years, backed by its strong democratic values and international partnerships he added.
Syllouris also said that changing the economic path proved to be successful and India has experienced phenomenal economic growth, he added however that nothing can be truly considered stable within the rapidly changing global economy of today’s world.
In order to continue adapting to the shifting markets and for the public to be more receptive to reform, India � and other like-minded nations � should keep to the path of liberalisation in accordance to its economic growth, the President of the House concluded.
Source: Cyprus News Agency