02-15-2008, 04:51 PM
<b>9% growth this year despite slow-down in global economy: PM</b>
Feb 15, 2008
The Prime Minister has said that the country is likely to touch nine per cent growth this year, despite the possibility of downturn in global economy.
Addressing the 80th FICCI Annual General Meeting in New Delhi, Dr. Manmohan Singh said a major part of India's growth is driven by domestic factor particulary improved investment and consumption demand.
He however added that the country cannot remain completely insulated from chilly global winds that may blow in our direction. Expressing satisfaction over the high growth rate which is broad based, socially inclusive and more sustainable, Dr. Singh said it is a win win relationship between growth and empowerment. Blaming the non-Congress governments at the centre for low growth rate during the 9th five year plan, he said they took no attempt to make the growth more broadbased and inclusive.
He also asked the industry to look sympathetically towards government's endeavour on inflation control in the interest of the poor.
Outlining the four key aspects of government's policy frame work namely agriculture and rural development, infrastructure, education and health care, Prime Minister said it will help to step up the growth process in an inclusive manner.
He said the health of agriculture is vital for sustaining the economic performance as a significant proportion of our population depends on it and the sector also acts as a social safety net.
He said, though the share of agriculture in GDP has been declining but one can not have a situation where 80 per cent of this sector is outside the formal financial system and suffers from excessive indebtedness.
Dr. Singh said, the government is trying to resolve this problem.
Speaking on the occasion, the FICCI President Mr. Habil Khorakiwala demanded sops from the governments including lowering of interest rate to make the manufacturing sector more competative. He said there must be structural solutions to the health and education sectors as reforms process has not touched them adequately.
He said the industries will be establishing around three hundred technical institutes in private-public partnership and called for massive transformation of vocational education to meet the demand of shortage of skills.
Feb 15, 2008
The Prime Minister has said that the country is likely to touch nine per cent growth this year, despite the possibility of downturn in global economy.
Addressing the 80th FICCI Annual General Meeting in New Delhi, Dr. Manmohan Singh said a major part of India's growth is driven by domestic factor particulary improved investment and consumption demand.
He however added that the country cannot remain completely insulated from chilly global winds that may blow in our direction. Expressing satisfaction over the high growth rate which is broad based, socially inclusive and more sustainable, Dr. Singh said it is a win win relationship between growth and empowerment. Blaming the non-Congress governments at the centre for low growth rate during the 9th five year plan, he said they took no attempt to make the growth more broadbased and inclusive.
He also asked the industry to look sympathetically towards government's endeavour on inflation control in the interest of the poor.
Outlining the four key aspects of government's policy frame work namely agriculture and rural development, infrastructure, education and health care, Prime Minister said it will help to step up the growth process in an inclusive manner.
He said the health of agriculture is vital for sustaining the economic performance as a significant proportion of our population depends on it and the sector also acts as a social safety net.
He said, though the share of agriculture in GDP has been declining but one can not have a situation where 80 per cent of this sector is outside the formal financial system and suffers from excessive indebtedness.
Dr. Singh said, the government is trying to resolve this problem.
Speaking on the occasion, the FICCI President Mr. Habil Khorakiwala demanded sops from the governments including lowering of interest rate to make the manufacturing sector more competative. He said there must be structural solutions to the health and education sectors as reforms process has not touched them adequately.
He said the industries will be establishing around three hundred technical institutes in private-public partnership and called for massive transformation of vocational education to meet the demand of shortage of skills.