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Growth in the 'fast' lane, says PM
January 9, 2010
New Delhi: After many government functionaries, Prime Minister Manmohan Singh on Friday gave his estimate for GDP growth for this fiscal—a conservative 7 per cent.
He also admitted that decision-making and policy implementation in the country is slow, a day after steel magnate LN Mittal blasted India's red tape led delays.
It’s official now. India is clearly back on the growth track. The prime minister, the architect of India's economic reforms, said that India, Asia's third largest economy is expected to reach a growth of 9 to 10 per cent soon.
“The Indian economy weathered the crisis quite well. We hope to achieve a growth rate of around 7 per cent this year, which is one of the fastest in the world,” Singh said.
This growth, the prime minister believes is going to be led by accelerated investment in sectors like infrastructure, manufacturing and agriculture.
As India inches towards beginning the exists of some of its incentives given to combat the global economic slowdown, the main concerns for the government now is to maintain a regular inflow of investments, a case Singh clearly made to the Indian diaspora present here at the Pravasi Bhartiya Diwas.
“FDI in India by overseas Indians is low. I would urge overseas Indians to take a careful look at long-term investment opportunities in India,” he said.
Meanwhile, maintaining a growth rate of over 7 per cent also means tackling the growing issue of food price inflation, something that is definitely giving Manmohan Singh sleepless nights.
He also admitted that decision-making and policy implementation in the country is slow, a day after steel magnate LN Mittal blasted India's red tape led delays.
It’s official now. India is clearly back on the growth track. The prime minister, the architect of India's economic reforms, said that India, Asia's third largest economy is expected to reach a growth of 9 to 10 per cent soon.
“The Indian economy weathered the crisis quite well. We hope to achieve a growth rate of around 7 per cent this year, which is one of the fastest in the world,” Singh said.
This growth, the prime minister believes is going to be led by accelerated investment in sectors like infrastructure, manufacturing and agriculture.
As India inches towards beginning the exists of some of its incentives given to combat the global economic slowdown, the main concerns for the government now is to maintain a regular inflow of investments, a case Singh clearly made to the Indian diaspora present here at the Pravasi Bhartiya Diwas.
“FDI in India by overseas Indians is low. I would urge overseas Indians to take a careful look at long-term investment opportunities in India,” he said.
Meanwhile, maintaining a growth rate of over 7 per cent also means tackling the growing issue of food price inflation, something that is definitely giving Manmohan Singh sleepless nights.
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