Economic reforms of India hailed by Obama

Posted by Sara | Blogging | Saturday 12 March 2011 4:14 am
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Economic reforms of India hailed by ObamaAmerican President Barack Obama Monday hailed India for proving sceptics wrong after it surmounted overwhelming odds post-independence and becoming a model to the world.

India has built itself on sturdy foundations of ancient civilisation of science and innovation, according to Obama.

From in.news.yahoo.com:

Appreciating New Delhi’s efforts to reform its economy in 1991, he said: ‘Instead of resisting the global economy, you became one of its engines – reforming the licensing raj and unleashing an economic marvel that has lifted tens of millions from poverty and created one of the world’s largest middle classes.’

The US president also hailed India’s progress and development.

‘In your lives, you have overcome odds that might have overwhelmed a lesser country. In just decades, you have achieved progress and development that took other nations centuries,’ he added.

‘And now you are assuming your rightful place as a leader among nations. Your parents and grandparents imagined this. Your children and grandchildren will look back on this. But only you – this generation of Indians – can seize the possibility of this moment,’ Obama said.

During his 45-minute address, Obama also spoke of the success of green revolution of the 1960s.

Obama said during his address to MPs from both houses of parliament, ‘And despite the sceptics who said that this country was simply too poor, too vast, too diverse to succeed, you surmounted overwhelming odds and became a model to the world.’

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