PM explains FDI in retail, other economic reforms: Highlights

New Delhi: Prime Minister Manmohan Singh addressed the nation this evening to explain the economic measures for which he has staked his government, which is now in a minority. 

Here are the highlights of his address:

• You have the right to know why we took these decisions
• No government wants to put pressure on the common man
• Government has to work in national interests
• Creating employment is important, especially in rural areas
• The challenge is to implement this during  world recession
• I believe that we have been able to contain the effects of a global economic slowdown
• We have to get investor confidence back in the Indian economy
• Diesel prices and cap on subsidized LPG cylinders:  world prices are going up, we have tried to insulate you
• Subsidies on fuel are very large, though, and it would have shot up to more than 2 lakh crores
• Where will we find the money for this? Money doesn't grow on trees
• If fuel prices were not increased, fiscal deficit would have been out of control
• To get it in line with international prices, diesel prices should have been hiked by Rs. 17. We have hiked it by only Rs. 5.
• I know what happened in 1991 and I would be failing in my duty as PM of this great country if I did not take strong preventive action.
• We are not in that situation today, but we must act before people lose confidence in our economy. 
• • The world is not kind to those who do not tackle their own problems. Many European countries are in difficult position today. 
  • The total subsidy on petroleum products will still be Rs. 160000 crores ...more than what we spend on Health and Education together. 
  • Lets see the decision to allow foreign investment in retail trade. Some think it will hurt small traders. This is not true.
  • In a growing economy, there is space for big and small to grow. The fear that small retailers will be wiped out is completely baseless. 
  • The growth of organised retail will also create millions of good quality new jobs. 
  • In 1991, when we opened India to foreign investment in manufacturing, many were worried.
  • Today, Indian companies are competing effectively both at home and abroad, and they are investing around the world. 
  • We have been able to achieve 8.2% growth.We need to do more, and we will do more. But to achieve inclusiveness we need more growth. 
  • No state has the right to prevent others from introducing retails in reform to help its farmers and shopkeepers
  • I promise you that I will do everything necessary to put our country back on the path of high and inclusive growth. I need your support.
  • The time has come where it is necessary to take very tough steps.I urge you to help strengthen our efforts.