Ummid Assistant

Applications open for Manmohan scholarship at Cambridge

Opportunities for Indian students in US

Welcome Guest! You are here: Home Business & Economy

India can get back to eight percent growth: PM

Wednesday April 03, 2013 06:42:26 PM, IANS

New Delhi: It was disappointing that growth had slowed to five percent but this was temporary and the government was taking corrective measures to get back to eight percent growth, Prime Minister Manmohan Singh said Wednesday.

Addressing the annual meeting of the Confederation of Indian Industry (CII), the prime minister said the government and business have to be partners in writing the story of development.

"We are seeing a temporary downturn, which does happen. We must recognise it as such and take corrective action. I do not believe our future is five percent growth. We grew at an average of about eight percent in the last 10 years and we can get there again," he said.

He said consensus today was that unless the government acts swiftly, growth that has already decelerated, would be perennially stuck at five percent.

Asking industry to have faith in the government and not get swayed by negativity, Manmohan Singh said: "In my last address in 2007, I chose to strike a contrarian note. When everything seemed to be going exceptionally well, I struck a note of caution."

"I propose to strike a contrarian note again. If the business mood was unduly optimistic in 2007, I think it is unduly pessimistic today," he said.

He said the world was affected by the global downturn in 2008.

The prime minister said corruption and inertia in bureaucracy were problems; managing a coalition was not easy but these were not issues that have risen suddenly and were there even when India was growing at eight percent.

"We are seeing temporary downturn which happens time to time. We must act and take corrective action. If we go back 15 years, our average growth was 7.5 percent and this kind of dynamism doesn't disappear suddenly," he said.

According to Manmohan Singh, the Indian economy was driven by the private sector with 75 percent investment in private sector and it needs to be corrected to ensure truly inclusive growth.


He said the problem was due to the global downturn. "The world recovered from 2008 crisis and now is stumbling from debt crisis in eurozone. There has been negative growth in Europe and zero growth in Japan."

The prime minister said the government was taking domestic measures to deal with the crisis.

"We can act forcefully to remove the many domestic constraints that have arisen to get the economy to perform at full potential," he said.

"I am encouraged by the progress that we have made in the last three months by the work of Cabinet Committee on Investments. The committee has made a difference in speeding up clearances (for projects)," he said.

"The real message of the experience with the 11th Plan is that we not only grew at an average rate of eight percent, our growth was more inclusive. If we did it in the 11th Plan, there is no reason why we cannot do even better in the 12th Plan," he added.

 

 


 




 

 

 




 

Home | Top of the Page

Comments

Note: By posting your comments here you agree to the terms and conditions of www.ummid.com

Comments powered by DISQUS

i

More Headlines

India abstains from UN vote on global arms trade treaty

Gujarat wants multi-member Lokayukta; no governor role in selection

No RTE deadline extension; states to take action on non-complying schools

Central Haj committee to be constituted soon

Khaled Meshaal re-elected as leader of Hamas

Himachal tribal women don't come under inheritance law

SC withdraws order on Italian envoy, seeks status of special court

Indian American as top judge: Obama seeks swift confirmation

Nitaqat to impact thousands of Indians working in Saudi Arabia

 

Top Stories

Nitaqat Impact: Two ministers to assess situation in Saudi Arabia

Minister for Overseas Indian Affairs Vayalar Ravi and Minister of State for External Affairs E. Ahmed would soon head to Saudi Arabia,  

Expatriate exposes pathetic condition of Indian Muslims living in Middle East

Nitaqat to impact thousands of Indians working in Saudi Arabia

 

  Most Read

India abstains from UN vote on global arms trade treaty

As the UN General Assembly Tuesday overwhelmingly approved the first UN treaty regulating the multi-billion dollar international arms trade, India abstained from the resolution  

Gujarat wants multi-member Lokayukta; no governor role in selection

The Gujarat assembly Tuesday passed a bill paving the way for the creation of multi-member Lokayukta body which will be selected by a six-member committee headed by the chief minister. The Gujarat Lokayukta Aayog Bill, 2013, provides for Lokayukta and four Up-Lokayuktas to be selected  

 

  News Pick

SC withdraws order on Italian envoy, seeks status of special court

The Supreme Court Tuesday withdrew its March 14 and March 18 restraining order that directed the government to ensure that Italian Ambassador Daniele Mancini did not leave India  

No RTE deadline extension; states to take action on non-complying schools

Human Resource Development Minister M.M. Pallam Raju Tuesday said there will be no extension in Right to Education Act (RTE) deadlines but left the decision of action against  

Indian American as top judge: Obama seeks swift confirmation

The White House has urged the Senate to swiftly confirm Chandigarh-born Indian-American legal luminary Srikanth 'Sri' Srinivasan to what is "often called the nation's second-highest court", the US court of  

Central Haj committee to be constituted soon

A new Haj Committee will be constituted soon, External Affairs Minister Salman Khurshid said Tuesday. The government is in the process of issuing a notification  

 

Picture of the Day

President of India Pranab Mukherjee released a Commemorative Postage Stamp on Late Yashwantrao Chavan, at the concluding ceremony of the birth centenary celebration of former CM of Maharashtra, Late Yashwantrao Chavan, in Mumbai on March 23, 2013. Union Minister for Agriculture and Food Processing Industries Sharad Pawar is also seen.

 

Recommend the story to your friends

 

 
 
 
 
 
 
 
 

RSS  |  Contact us

 

| Quick links

News

 

Subscribe to

Ummid Assistant

 

National

Science & Technology

RSS

Scholarships

About us

International

Health

Twitter

Government Schemes

Feedback

Regional

History

Facebook

Education

Register

Politics

Opinion

Newsletter

Contact us

Business

The Funny Side

Education & Career

 

 

Ummid.com: Disclaimer | Terms of Use | Advertise with us | Link Exchange

Ummid.com is part of the Awaz Multimedia & Publications providing World News, News Analysis and Feature Articles on Education, Health. Politics, Technology, Sports, Entertainment, Industry etc. The articles or the views displayed on this website are for public information and in no way describe the editorial views. The users are entitled to use this site subject to the terms and conditions mentioned.

2012 Awaz Multimedia & Publications. All rights reserved.