Singapore: Reforms in India is a continuous forward process and it is not going to reverse back no matter which political party comes into power, Planning Commission member N K Singh said on March 14.

"Reforms process in India has only one direction to go and that is forward and it is continuous," Singh told an Investors' Conference, jointly organised by ICICI (Industrial Credit and Investment Corporation of India) Securities and Singapore Exchange.

Whereas India has made a remarkable progress in telecom, areas like power and civil- aviation have still to implement the reform policies, said Singh, who was speaking on "Progress and Future of Indian Reforms" at the concluding session of the three- day meet.

Singh expressed hope that growth of Indian industries, specially of manufacturing sector combined with the programmes for agriculture and rural development, will see a large inflow of foreign direct investment (FDI) and speedy growth of gross domestic product (GDP).

"India is not only a undersold story but also a misunderstood story," Singh said in response to one of the investors' comment that India is lacking in marketing itself.

Gautam Thaper of Ballarpur Industries said the industries have benefited from the reforms. However, focus on rural economy, which contributes to the cost- effectiveness of Indian economy, is a must to achieve overall growth.

"We work directly with around 16,000 farmers and we believe that unless we get progress in rural reforms a long-term sustainable development will not be possible," he said.

Chairing the session, chairman of ICICI Securities K V Kamath said with the growth that is expected to come about in the following years, India would be a potential market for foreign investment.

PTI