Ahmedabad: A week after its privatisation programme received a setback following a Supreme Court order halting disinvestment in two oil PSUs (Public Sector Undertakings), Deputy Prime Minister L K Advani on September 28 asserted that economic reforms were irreversible.

"Economic reforms are irreversible", Advani said inaugurating the 'Vibrant Gujarat Global Investors Summit'.

Advani statement comes in the wake of set back its privatisation programme received after the Apex Court asked it to halt the sale of HPCL (Hindustan Petroleum Corp Limited) and BPCL (Bharat Petroleum Corp Limited) for failing to obtain Parliamentary approval.

Earlier this week Disinvestment Minister Arun Shourie met the Deputy Prime Minister and Law Minister Arun Jaitley to discuss the fall out of the verdict.

Disinvestment Ministry is learnt to have submitted an option paper to government spelling out the various alternatives before it. Cabinet Committee on Disinvestment is slated to meet early in October to chalk out a strategy.

Advani said the Indian economy was the fastest growing economy in the region and the country should be able to strengthen the process further in the future.

"Our government under the visionary leadership of Prime Minister A B Vajpayee has been implementing a carefully crafted agenda of economic reforms whose fruits are already becoming visible," he said.

"India's prestige in the world is rapidly rising. The international community sees India as an emerging economic power," he added.

PTI