<b>Finance minister and crisis manager</b>
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<b>Finance minister and crisis manager</b>

Headline: Finance minister and crisis manager
Source: Euromoney
Date: September 2000
Author: Kala Rao

India’s finance minister, Yashwant Sinha, is no stranger to a crisis. In an earlier stint as finance minister, he steered his country through a difficult balance of payments crisis in 1991. He was again the finance minister when the Asian crisis broke and economic sanctions were imposed on India. Now he faces the tough tasks of downsizing government and pushing through the first real attempt at privatization. When he met Euromoney in late July, he seemed confident that he could accomplish both tasks.

India seemed relatively unscathed by the Asian crisis. You have set a GDP growth target of 7% to 8%. What are the big challenges that India must face to achieve that?


Yashwant Sinha: to downsize and to privatize
We were not totally unaffected by the Asian crisis. We had a crisis of our own – there was a slowdown in trade and capital flows to India. International sentiment was depressed and the economy was slowing down prior to the crisis.

In order to propel growth to over 7% we have to directly attack poverty, particularly in the rural areas, and create new jobs.










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