Singh pegs at 5 pc economic growth

Expressing optimism that the country’s economy in this fiscal would probably continue to grow at last year’s rate of 5 per cent, Prime Minister Manmohan Singh on Wednesday said signs of a turnaround would be evident in the next few months.

Inaugurating the 12th Pravasi Bharatiya Divas here, Singh said the United Progressive Alliance (UPA) government’s recent decisions to accelerate implementation of mega infrastructure projects, reform tax administration, improve fiscal management, liberalise foreign direct investment and rationalise the system for allocation and utilisation of natural resources had already started having their impact felt. He also said the UPA’s efforts were hamstrung by a lack of political support.

“With greater political support, we could have legislated deeper reform measures. For example, in the financial and insurance sector,” the prime minister told expatriates, who assembled in New Delhi for the annual congregation. “However, our decisions are already beginning to make an impact and India is re-emerging as an attractive investment destination. I am confident you will see the evidence clearly in the next few months.”

Over 2,000 expatriates came to New Delhi for the annual Pravasi Bharatiya Divas. The Ministry of Overseas Indian Affairs had partnered with the Ministry of Youth Affairs for this year’s event, which was specially focused on reaching out to the youth.  Singh also sought to allay concerns of the expatriate community about the future of the economy and social challenges in India, as well as issues of polity and governance.