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Sanctions will strengthen India, avers FM

Union Finance Minister Yashwant Sinha says India's strong economic structure forced the United States to amend its laws with regard to sanctions imposed on the country in the wake of Pokhran tests.

Inaugurating a three-day insurance awareness festival in Hazaribagh in Bihar, the finance minister said the country was not only self-reliant in national defence but its economic structure was so strong that it could not be cowed down by any other country.

"Limited impact of the sanctions," the minister said, had forced the US, Japan and the European countries to realise that the imposition of sanctions could not be effective on a "bigger country like India."

The finance minister said the consensus had emerged even at the G-8 summit that India could not be isolated in view of its strong economic structure. Even if the US continued with its sanctions, the country would emerge stronger, he added.

Sinha said that on the contrary, the situation in Pakistan, which too conducted nuclear tests, was alarming. Its economic structure was shattered following the sanctions and was looking for assistance even for foodgrains and foreign exchange, he claimed.

He said that the International Monetary Fund was being pressurised to rush financial assistance to that country. Once the IMF allowed monetary assistance to Pakistan, the sanctions against India would automatically collapse, Sinha added.

The minister said with the competition in different sectors, the consumers would be benefited most as they would get quality products at a reasonable price.

UNI