Manmohan promises 7 pc growth for 2010

Manmohan promises 7 pc growth for 2010



For the current fiscal, he observed, a 7 per cent growth will be maintained.
The Prime Minister also attempted to reach out to Pakistan as he said New Delhi was prepared to meet Islamabad “more than halfway” if the latter took  “strong, effective and sustained action” against terrorists.

PM’s gesture

In what amounted to resumption of bilateral talks, Singh’s gesture came as he was winding up a debate on the motion of thanks on President Pratibha Patil's address to the joint sitting of Parliament last week.

Asserting that India will maintain a growth rate of 7 per cent during 2009-10, Singh promised more resources for areas like infrastructure and public services.
Continued on Page 7
PM’s reply, from Page 1
 “Since our savings rate is as high as 35 per cent...if all of us work together, we can achieve a growth rate of 8 to 9 per cent, even if the world economy does not improve," Singh said.
Noting that India’s economic growth slipped from 9 to 7 per cent in the last fiscal because of the global crisis, the PM stated that  the fall in growth was mainly due to a dip in investments, which were key to economic expansion. "This year, we will maintain at least 7 pc growth rate. In the short run we cannot do better, but this is also good enough," he said.

While the President’s address had cautioned that the economy could slow further, the RBI in its monetary policy for the current fiscal had projected the economy to grow by 6 per cent, lower than the 6.7 per cent achieved during 2008-09.

Singh stated that fiscal deficit had increased sharply but even then India had enough resources to spend on flagship programmes thanks to the average annual growth of 8.6 percent achieved during the past five years. He also said that his government was deeply committed to the agenda listed in the President's address, adding flagship programmes will be further strengthened and public delivery system made more transparent.

Singh said Finance Minister Pranab Mukherjee will unfold the government's strategy to increase investment in flagship programmes in the budget session.  In signs of renewed friendship with Pakistan for the first time after last November’s terror attacks in Mumbai, the PM said: "If the leadership of Pakistan has courage, determination and statesmanship to act against terror, I assure them we will meet them more than half-way”. Singh stressed it was in India’s “vital interest to try to again make peace with Pakistan but it takes two hands to clap”.

"We expect the government of Pakistan to take strong, effective and sustained action to prevent terrorism directed against India and use every means at its service to bring to justice the perpetrators of terror attacks, including the Mumbai attacks”. Such actions will be welcomed by people of both the countries, he added.

“There are some disturbing trends, but I do hope that the government of Pakistan will create an atmosphere in which we can realise this vision”.

During has address, the PM also stressed on the need for better relations between the Centre and states and assured that there would be no discrimination against the states which are not ruled by the party at the Centre. Emphasising the need for all-round development, the PM said, “We must remain committed to social and economic development.”

Comments (+)