Citing uncertainty in globaleconomic scenario, Prime Minister Manmohan Singh today saidthe government's endeavour to achieve 8 per cent annual growthwill not be an easy task, even though it is not unattainable.
At the Combined Commanders' Conference here, Singh saidIndia needs an aggregate growth rate of 8 per cent per annumto create new job opportunities for more than 10 millionpersons who are going to enter the labour force each year.
"This is not going to be an easy task, given theinternational economic environment. However, it is notunattainable if we make determined efforts to increase ourinvestment rate to 37-38 per cent as was the case three yearsago," Singh said.
While India has confronted persistent challenges on theexternal front, Singh said the global economic recovery hasfailed to materialise.
"The continuing uncertainty and weaknesses in the Eurozoneeconomies have hobbled the pace of growth, including in Asianeconomies. Inevitably, India too has had to deal with thefallout of slowing growth, falling exports and expandingdeficits," the Prime Minister said.
India's economic growth slowed to a 5.5 per cent in thefirst quarter of 2012-13 from 8 per cent in the year-agoperiod. While exports are on decline since May (till August),the fiscal deficit has touched 66 per cent of the budgeted Rs4.12 lakh crore in first five months of the financial year.
The Prime Minister stressed on the need to create anenvironment conducive for increased investment and savingsrates, paying particular attention to investment ininfrastructure sectors.
Singh further said, "as India grows, so will the responsibilities associated with protecting our new-foundequities."
For example, Singh said, an expansion of the country'sexports and a diversification of their destinations will callfor equal measures to protect them from threats such aspiracy.
The security of India's sea lanes would be equally vitalin ensuring the country's energy security and access to othervital natural resources, he added.
"Indian expatriates and our overseas investments, alreadypresent around the globe, are also going to be in need ofassurances regarding their well-being. Security, therefore,will remain a pre-eminent and key pillar of our nationalstrength," Singh added.