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Government trying to protect Indian economy
from global mess: PM
Friday September 07, 2012 07:59:09 PM,
IANS
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New Delhi: The Indian
economy is passing through a difficult time but the government is
trying to protect it from the global economic mess, Prime Minister Manmohan Singh said Friday.
"The world as a whole is faced with serious economic difficulties,
grappling with recession, and we are trying to prevent India
getting affected by what is happening in the outside world," the
prime minister told reporters outside the parliament.
Criticising the BJP for disrupting parliament, he said the
government was keen to discuss its strategy to deal with the
economic problems.
"Parliament should have discussed these issues - what is our
economic strategy to deal with these global tensions, these global
developments - but Parliament was not allowed to do any of these
things," he said.
Later in a written message addressed to the people of India,
Manmohan Singh said the Indian economy can return to the high
growth path.
"We must work hard to ensure that the Indian economy returns to
high growth. I have no doubt we can do it," he said.
Indian economy has been under stress in the recent quarters. The
country's gross domestic product (GDP) grew at a sluggish 5.5
percent in the first quarter of the current financial year.
The country's GDP growth slumped to 6.5 percent in 2011-12, which
is even lower than the 6.7 percent level achieved during the
global financial crisis of 2008-09. The economy had expanded by
8.4 percent in 2010-11.
The prime minister said growth momentum can be pushed up by
stimulating investments in infrastructure sector.
"We can rebuild our growth momentum and encourage entrepreneurship
by stimulating investment in infrastructure, in power, in roads,
ports, railways, and telecommunications. This will send a clear
signal to the world that India is on the road to recovery," he
said.
"This in turn will bring back the momentum of growth, generate
productive employment and also enable us to direct more resources
to help the poor and weaker sections," the prime minister added.
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