New Delhi: Forecasting a six per cent growth, Prime Minister Atal Behari Vajpayee on July 10 sought consensus on long-delayed labour reforms and asked political parties to support the passage of crucial economic legislations during the monsoon session of Parliament beginning on July 8.

"I appeal to all the major political parties for a consensus on labour reforms so that we can soon give effect to consensus through appropriate legislations. I appeal to all political parties to help us conclude our legislative agenda fully in the monsoon session of Parliament," Vajpayee said at his Trade and Industry Advisory Council meeting.

Stressing that economic fundamentals were strong, he said there has been "unprecedented price stability. Inflation is around two per cent. Foreign exchange reserves have grown to $ 58 billion that provides more than 13 months of import cover, the highest for any country excepting China".

Stating that GDP would grow by over six per cent in 2002, Vajpayee said he was confident that the economy would further prosper in the "strong and able hands" of the new Finance Minister Jaswant Singh and pointed out that reforms had moved fast despite the situation on the borders.

At the same time, he said that economy could not rise to its full potential without the contribution of the business community that must reform itself and must adhere to good corporate governance.

Leading industrialists including Kumaramangalam Birla, Ratan Tata, Nusli Wadia, Sashi Ruia, Rajiv Chandrashekar and presidents of the apex chambers FICCI, CII and ASSOCHAM attended the meeting to discuss Electricity and Petroleum Regulatory Board Bills.

PTI