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Rao trims top brass
NEW DELHI. Dec 25. Grappling with • 15 per cent Inflation, shrinking exports and rising foreign debts. Prime Minister PV Narasimha Rao hu announced plans to trim India's elephantine bureaucracy. reports AP.
About 1.000 jobs In three government unit* regulating exports will be abolished In January, Rao told the National Development Council on Tuesday The positions were made redundant by the government's recent liberalization of the rule-bound economy.
Rio also pledged to prune 10 per cent of the 600 highest bureaucratic positions, fulfill Ing a programme he announced on becoming prime minister last June.
Rao ordered additional measure* to curb government expenditure and cut the budget deficit He asked all government department* *urren der 10 per cent of the nearly one million telephone* allocated to elected represent* fives and government officials
He also banned minister*
•nd officials from flying first class on foreign trips and 1m-
* 20 per cent cut on travel
The rational of economy Is that there has been deregulation and liberalisation. Logically, there Is less government work and leas senior staff Is needed,' Rao told the council, a planning body of the highest elected state officials.
The nation's economic crisis were compounded by political instability In the last two years, in which revolving-door governments were unable to produce manageable budgets.
India's foreign debt has grown to 70-bllllon dollar — a quarter of Its gross national product. Only Brazil and Mexico have more debts than India
Foreign exchange reserves, needed to import oil and ma chinery to modernise the out dated factories, were reduce by last June to less than 1 billion dollar, enough to cover just three weeks imports. By December they had more than doubled with the help of loans
from the International Monetary Fund
To get the loans. India adopted sweeping reforms, opening its doors to foreign investment, abolishing some subsidies, cutting red tape on trade and streamlining industrial policy.
The moves won praise from foreign investors but criticism from the people who had to a more for everything.
tion rose to 15 per certt from 9 per cent in one year. Critics said Rao s policies hurt the poor, who constitute 40 per cent of the population, according to World Bank statistics.
Rao also abolished cumbersome licenses for starting Industries and allowed overseas investors to hold up to 51 per cent of the stock.
But investment has been slow. as foreign companies seem to be waiting to see if Rao will follow up on plans to eliminate more regulations, lower interest rates, loosen up the capital market and shed money-losing state-run companies.