NEW DELHI, March 20 (IANS): In the backdrop of the global economic crisis in recent years, Prime Minister Manmohan Singh Tuesday warned of "pitfalls" if India did not rise to the occasion and sought a "broad-based consensus" to meet the challenges.
Manmohan Singh, replying to a debate on a motion of thanks to President Pratibha Patil's address to parliament in the Rajya Sabha, also noted that the major economies of the world have made "fragile" recoveries from the economic downturn and the growth rate in 2011 was half that of 2010-11.
"We are all affected by this disturbing economic environment that faces us," he said, reiterating the point he made in the Lok Sabha Monday.
Referring to the high crude oil prices in the global market, the prime minister pointed out that this had impacted the prices of commodities in India too, resulting in inflation and price rise of essential items.
He warned of "pitfalls if we do not rise to the occasion".
Noting that India's performance was commendable in the backdrop of the global scenario, he said the country must aim at a path of growth in the next fiscal.
"For this, we need broad-based consesus" he added.