Industry bodies have lauded Prime Minister Dr Manmohan Singh for taking bold decisions to move ahead with economic reforms despite political compulsions. In a statement, CII President President Adi Godrej said, the Prime minister has unambiguously sent a message that the government is determined to see through the reforms that have been at the centre of a political controversy lately. He expressed hope that this will be the beginning of a series of reforms and the country needs to arrest the economic downtrend and ensure higher growth for greater inclusiveness. Drawing comparison with the economic liberalisation of early nineties, Mr Godrej said when India had the first round of reforms in 1991, there was pain and apprehension and the economics was not fully appreciated. Drawing comparison with the economic liberalisation of early nineties, Mr Godrej said when India had the first round of reforms in 1991, there was pain and apprehension and the economics was not fully appreciated. He said, per capita income of India has grown several fold and India is the second fastest growing economy in the world. FICCI Vice President Sidharth Birla said the recent government steps will begin to address the fiscal position, thereby reviving investor confidence. The industry felt that increase in the prices of diesel and LPG can be seen in the context of unsustainable fuel subsidies and the need to improve the fiscal position.