Concerned over difficult economicsituation, Indian Finance Minister P Chidambaram on Tuesdaysaid the country cannot afford to make more mistakes and madea case for accelerating reforms to promote growth and containfiscal deficit.
"We do face difficult situation today and I think what isimportant that we do not make any more mistakes... we (needto) quickly get back to the path of fiscal consolidation," hesaid at a function to release a book titled 'Accidental India'written by Shankkar Aiyar.
"Every aspect of India's economic life requires reform,"he said.
"I am not deterred, I am not surprised (to opposition toreforms) ... Only way forward is reform. Yes, we can discusswhat reforms are necessary, what are unnecessary. What reformsare priority and what reforms are not," he said.
Referring to the government's recent decision to allowcash transfer of subsidies by using Aadhaar platform,Chidambaram said, "by introduction of cash transfer, therewill be huge savings in subsidies. Falsification, duplication,leakages will come down".
He said the pilot projects in cash transfer have shownresults of 40-90 per cent savings.
"If we do cash transfer of subsidies, to start withscholarship, education loan, move on to LPG subsidies,kerosene subsidies, finally the fertiliser subsidies, Ibelieve there is enormous scope for savings in our subsidybill. And that could be one area to reform," he said.
Chidambaram said it is not always easy to take a rightdecision in India and any idea in India will be shot down bysome "perpetual pessimist".
"...I hope the same fate does not fall to my proposal fora National investment Board (NIB)."
NIB, as proposed by Chidambaram, would be an overarchingbody chaired by the Prime Minister to clear to largeinfrastructure projects.