Manmohan vows more reforms

Manmohan, 76, formally elected by lawmakers of his Congress party as their leader, said his coalition would pursue reforms in agriculture, industry and the wider economy to spread the benefits to the country?s 1.1. billion population. ?There is some slowing down of investment and employment generation. We have to revive growth and make it even more inclusive,? he said in an acceptance speech as MPs thumped desks. Two powerful regional parties from northern India said they would support the Congress party-led coalition, further strengthening the stability of the new government. Growth in Asia?s third-largest economy is expected to slow to a seven-year low of about 6 percent this fiscal year from about 7 percent in 2008/09, and from rates of 9 percent or more in the previous years. Millions of jobs have already been lost. ?The five years in front of us could well be a decisive half-decade. If we can sustain the growth rates of the last five years, we can reduce poverty, create new employment, accelerate rural development and industrialization and transform the lives of our people,? Manmohan said. ?We must grasp the nettle firmly and forge ahead.? Earlier, Congress party head Sonia Gandhi proposed Manmohan as the parliamentary party leader, setting the stage for his appointment as prime minister; Kazinform cites Arab News See www.arabnews.com for full version.