| Font Size |
"Our country is going through difficult times ... We are up to the task of meeting these challenges we face as a nation", he said while addressing the 10th Pravasi Bharatiya Divas being attended by over 1,900 overseas Indians.
Despite an adverse international environment, Singh said, "the Indian economy is expected to grow by about 7 per cent this financial year ending March 31."
The country recorded a Gross Domestic Product (GDP) growth rate of 8.5 per cent in 2010-11 and was initially estimated to grow by 9 per cent in the current fiscal. The growth rate projection, however, was scaled down gradually by the Reserve Bank as well as the Finance Ministry.
Although Finance Minister Pranab Mukherjee had yesterday said the growth rate in 2011-12 would be about 7.5 per cent, Singh further lowered the projection to 7 per cent.
The growth rate in the first half of the year slipped to 7.3 per cent from 8.6 per cent in the year ago period.
The Prime Minister, however, exuded the confidence that growth rate in the coming years would go up to 9-10 per cent as the "economic fundamentals are strong and ...consittutional processes are robust".
"...we hope to bring back the rhythm of our growth process to sustain an annual growth rate of 9-10 per cent in the medium-term. Our domestic savings rate which currently stands at 33-35 per cent of our GDP will greatly facilitate the realisation of our growth objectives", he said.
Singh also said that efforts to combat inflation have started yielding results and there has been an improvement in the situation.
The food inflation, which was about 16-17 per cent in January 2010 entered the negative zone with prices of essential items registering a decline of 3.36 per cent for the week ended December 24, 2012.
The headline inflation, which remained near the double digit mark throughout 2011, is also expected to decline in December, the figures for which would be released during the week. According to estimates, the headline inflation is likely to slip to 6-7 per cent by March end.
Referring to the global problem, Singh said the world is passing though difficult times and overseas Indians are facing brunt of the slowdown.
"Many of you are experiencing first-hand the impact of the global economic slowdown. Employment opportunities have declined, there is greater protectionism and attitudes towards migration have also hardened. There is growing social intolerance even in more open societies," he added.
The Government, he said, had formed an inter-ministerial committee under the Cabinet Secretary to make recommendations on issues relating to repatriation, relief and rehabilitation of Indians affected by recent developments in West Asia.
"The Ministry of Overseas Indian Affairs has prepared an Action Plan to implement its recommendations", he added.
Following an upheaval in Libya last year, Singh said, the government undertook Operation Safe Homecoming to evacuate more than 16,000 people from strife-torn areas through special flights and passenger and naval vessels.
Similar evacuations, he added, were carried out in Egypt and Yemen on a lower scale. "We stand ready to extend such help elsewhere should the need arise", he added.
Discuss this story on expressindia forums
|
|
India is not an solated country, the situation in Europe is worst than what in India we get to know. America is preparing another war. If we grow 7% it will be because we have a great business lobby.e onl Before writting a comment we should be more informated about things. But I think India is the only country where people can say without knowledge
After seeing the very political parties which vied with each other to fix the corrupted one along with Anna ,They comptete with each other to accomodate all the driven out corrupt ones. Why this is happening ? Whom we have to trust ? There is definitely deficit of trust worthiness among them . How the elections would help in this scenario ? All are corrupt or all want to align with corrupt . People are a frustrated lot .
With the downside of GDP growth, the revenue streams for the Government will get drastically reduced. The PSU disinvestments may not yield enough what with the stock market going down. The salary bills of the central and state governments are so much bloated that they may eat into a major portion of revenue, like some 70 to 80%. Unlike, private sector, the governments can not scale down the salaries and benefits (there is no variable pay component). Can the Government pay for all those subsidies and maintain defence and infrastructure with whatever is left? The prospect is scary.
Poor Singh! He has to say what his boss wants him to say. So please go easy on him. He is remotely controlled by you know who.
we all are controlled by some one or almighty sir .Why gdp can't grow by 70 % in cy 2012 as against 6 to 7 in fy 12 by using 2000 th part of infinite free solar heat and light of $ 600 trillion or 6000 trillion kWh which we get each year and free rain water which is 4 times of our current use. Both of these infinite free gifts are available right at consumption point not needing t&d. Our using indigenous free energy and water judiciously will appreciate the rupee by 4 times which also will help in beating US in gross GDP by the end of next 5yp 2017 and in percapita GDP by 2022. We are committing greatest mistake of using unaffordable useless foreign stuffs like oil, gold, silver, diamonds , technology and food overlooking free or cheaper indigenous substitutes which is biggest fault of this poorest nation by miles as far as number of BPL and diseased are concerned.
DEAR RAJAT KUMAR is quoting the same which was published by the IE/spoken by the minister/politicians, it is of no use/useless, better u should make ur own comments.
Mr. Pillai´s grammer and spellings of the language are not understandable, make better language and comments man.
What the Hon'ble Prime Minister said before 2000 NRIs gathered at Jaipur was not new. Dr. Manmohan Singh should have listened to NRIs what they have to offer for India.
Please keep aside the economic thing for a while.. The Country needs at the moment her rooted-reorientation which is building and sustaining firm social responsibility. The Government must enhance India Inside and make possible efforts to influence people about self-reliance and self sufficiency. This is perhaps the urgent call.. We have the Chinese example with us which continuously progressing by enhancing its roots. We must go for real Indian orientation at this nick of time and then discuss about the Globalization..Think India Inside first. Strengthen India Inside first. Unite India Inside first. Facilitate India Inside first..
This is the same Manmohan Singh, who said that the inflation could come down to 6% by March 2011. Now this Government says that the food inflation is negative. Is this a joke? The prices of vegetables are soaring. A kilo of ladies finger costs 50, brinjals 35, raddish 35, bitter gourd 35, carrots 40, even loki costs 40. Less said the better about housing. Education is a day light robbery. They can replace GDP by GGC ie gross growth in corruption. Not so long ago Mr.Great Chidambram, said " we know how to rule". Is this the way of ruling a country? Now we have a novice called Rahul, who is itching to become a PM. Having said all these, these people continue to thrive until the people of India themselves change for the better.
Well said. Dear Indians, vote with care. Exercise your franchise in the interest of India and Indians.
Prime Minister S Manmohan Singh has projected of achieving Seven Percent of economy Growth in this fiscal year inspite of many hurdles and difficult times . As in the past the projected GDP was more then Nine Percent but The Indian Economy Growth failed to achieve its target and its declining started .Lets Hope for the best for the Country and for the Indian People .
dear editor, for uninterrupted ecnomic growth certain suitable environment is essemtial (1) No prodyction loss it means no STRILES LOCJPUTetc (2) NO Power cuts for any indusries (3) a proper planning of marketing both export and domestric sales (4) all commercial attaches in ever embassy musy search and find out needs of the country any product manufactured in India or agricultural product etc It must bethe responsibility of commercialcomucillor to inform central goverbment on this regularly and thus participate in commerce The central government review this every quarter and where ever no informations has been received then contact that office to know the reason thus followup must be there dated Sunday Jnaury 08th 2012 time 1210 Hrs ist
Growth at 9% Is it the view of Dr Mohan Singh the Economist or the politician?