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"We have the ability to sustain a growth rate of about eight per cent. And we will do so," he said at a conference in New Delhi.
Exuding confidence that India had the "resources and the wisdom to grapple and deal" with the crisis, Singh said all instruments of public policy -- monetary, fiscal, public investment and exchange rate -- "will be deployed" to tackle it.
Noting that the global economy was going through "choppy waters", the Prime Minister said "we can and we will survive this crisis".
Replying to questions after delivering the inaugural address at the Leadership Summit, Singh said the government had "anticipated the global slowdown" and taken measures in the budget.
Observing that the global economy was passing through a "deep crisis", the economist-turned-politician said "we cannot pretend that we are not affected by it.
"The crisis was not made in our country but elsewhere. ... Due to the interdependency (of the world economies), we are in the same boat," the Prime Minister said.
Noting that global problems required global solutions, he said there was a need for a global safety net.
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i want know about effect of global crisis an india.
NATURALLY PM IS RIGHT. FOR HIM INDIA BEGINS AND ENDS WITH GOVERNMENT SERVANTS AND PSU'S. AND WITH ALL ROUND SALARY INCREASE NOT DOUBT THEY SHALL SURVIVE. WHO CARES FOR ORDINARY PEOPLE. EVEN BIG CORPORATES ARE THINKING OF PAY AND EXPENSES CUT BUT NOT THE GOVERNMENT OF INDIA. ON THE CONTRARY IT PLANS TO MAKE MUCH MORE WASTEFUL EXPENSES THEN EVER BEFORE NO DOUBT WHO SHALL BENEFIT FROM THE SAME.
The PM is saying that he had "anticipated the global slowdown" and taken measures in the budget. In the budget, all farm loans were waived off. The Indian farmer is the most conservative in the world. The most likely beneficiaries are the politicians and bureaucrats who have their 'other income' coming from agriculture. The waiver of loan has benefited the rich and the upper middleclass farmers. The downtrodden farmer's situation has not improved. So, when the PM and the FM knows that trouble is ahead, why did they dole out the money belonging to the people to certains sections who are already rich?
My dearest PM, please find new phrases and new tricks. The ones you are using here have outlived their lives and won't work anymore. Or plainly say that you are saying some old sardarji jokes - so that all of us can laugh our hearts out - Ha ! Ha !