Reforms shutdown till 2014? Kaushik Basu's statement sparks political storm

Acknowledging that economic reforms in India have slowed down and may remain that way till the next general elections in 2014, the government's Chief Economic Advisor Kaushik Basu said that by 2015 India will be among the world's fastest growing economies. In Washington to attend the Annual Spring meeting of the International Monetary Fund (IMF) and the World Bank, Dr Basu was addressing the concerns expressed by the US corporate on some recent decisions of the Indian government and its reluctance to initiate the series of next phase of reforms.