Manmohan Singh said the issue is also amplified by the “political contestations in India, which are inevitably louder in the election season” that is now on the horizon. “I wish to assure you that there is no reason to despair about our present or worry about our future. Indeed, as I have said earlier, we are heading into better times ahead and I would urge you to remain engaged in the future of this country with confidence and optimism,” the Prime Minister said at the 12th Pravasi Bharatiya Divas here.
He said despite a number of external and domestic factors, “our economic fundamentals are strong.” “Our economy has done well over the past decade. In the nine years since 2004, we averaged a healthy growth rate of 7.9 per cent per annum. There has been no doubt a slow down in the recent past, and we will probably end this year at the same level as last year with 5 per cent growth,” he said. PM pointed out that a number of international as well as domestic factors have contributed to this situation.
“Despite these challenges, our economic fundamentals remain strong. Our savings and investment rates are still over 30 per cent of our GDP and the entrepreneurial spirit in India is very much alive and kicking,” Manmohan Singh said.
The Prime Minister noted that in recent months, the government has taken a “very” wide range of decisions to accelerate the implementation of mega infrastructure projects, reform tax administration, improve fiscal management, liberalise foreign direct investments and rationalise the system for allocation and utilisation of natural resources. Manmohan Singh observed that while India is changing in a way that is significant, it is not always evident to those who do not see the big picture. He stressed that India’s economic growth has not only accelerated, it has also become socially more inclusive and regionally more balanced. (PTI)