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Govt will alter policy to accelerate growth

By The Assam Tribune
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NEW DELHI, Dec 15 � Amid global slowdown impacting India as well, Prime Minister Manmohan Singh today said the government is committed to do everything to put economy back on a high growth path of 8-9 per cent, reports PTI.

�The steps we have taken recently are only the beginning of the process to revive our economy and take it back to its trend growth rate of 8-9%,� Singh said at the 85th Annual General Meeting of Ficci here.

He said the global economy is passing through turbulent times and �excessive pessimism� at home has hurt the country�s growth process.

�But I stand before you to reassure you that our government is committed to doing everything that is possible to alter the policy environment, accelerate economic growth and make the growth process socially and regionally more inclusive,� he told the industry captains.

The economic growth slowed to a nine year low of 6.5% in 2011-12 and this year, too, the GDP growth, as per RBI�s estimates, is likely to be 5.8 %. In the three years preceeding the 2008 global economic crisis, India was growing at a rate of more than 9%. The Prime Minister further said the government needs to take forward the steps it has taken through constitution of Cabinet Committee on Investment to revive the economy.

In an apparent dig on parties which oppose reforms, the Prime Minister said: �Some of the decisions we have taken were politically difficult and the naysayers and the cynics have tried to halt us in our track, but we had the courage of our conviction and the interests of our people at heart�.

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Govt will alter policy to accelerate growth

NEW DELHI, Dec 15 � Amid global slowdown impacting India as well, Prime Minister Manmohan Singh today said the government is committed to do everything to put economy back on a high growth path of 8-9 per cent, reports PTI.

�The steps we have taken recently are only the beginning of the process to revive our economy and take it back to its trend growth rate of 8-9%,� Singh said at the 85th Annual General Meeting of Ficci here.

He said the global economy is passing through turbulent times and �excessive pessimism� at home has hurt the country�s growth process.

�But I stand before you to reassure you that our government is committed to doing everything that is possible to alter the policy environment, accelerate economic growth and make the growth process socially and regionally more inclusive,� he told the industry captains.

The economic growth slowed to a nine year low of 6.5% in 2011-12 and this year, too, the GDP growth, as per RBI�s estimates, is likely to be 5.8 %. In the three years preceeding the 2008 global economic crisis, India was growing at a rate of more than 9%. The Prime Minister further said the government needs to take forward the steps it has taken through constitution of Cabinet Committee on Investment to revive the economy.

In an apparent dig on parties which oppose reforms, the Prime Minister said: �Some of the decisions we have taken were politically difficult and the naysayers and the cynics have tried to halt us in our track, but we had the courage of our conviction and the interests of our people at heart�.

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