STOCK MARKET BSE NSE

Committed to put economy back on high growth path: PM

Amid global slowdown impacting India as well, Manmohan Singh said the government is committed to do everything to put economy back on a high growth path of 8-9 per cent.

Published: 15th December 2012 11:49 AM  |   Last Updated: 15th December 2012 11:49 AM   |  A+A-

PM_PTIonboard
By PTI

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.

"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 per cent," Singh said at the 85 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 per cent in 2011-12 and this year, too, the GDP growth, as per RBI's estimates, is likely to be 5.8 per cent. In the three years preceeding the 2008 global economic crisis, India was growing at a rate of more than 9 per cent.

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.

"We need to complete the exercise that has begun on GAAR (General Anti Avoidance Rules) and taxation of the IT sector...We will speed up the disinvestment process which will also revive our equity markets," he added.

Liberalisation of foreign direct investment norms in sectors like multi-brand retail and aviation and cutting subsidies on petroleum products are some of the key economic reforms undertaken by the government in the recent past.

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".



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

IPL_2020
flipboard facebook twitter whatsapp