India will get back to 9 percent growth soon: PM
Monday, 17 August 2009, 14:33 IST
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New Delhi: India will soon return to a high growth path of over 9 percent with the economy expected to completely rebound by the year-end, Prime Minister Manmohan Singh said Saturday. "Going back to a 9 percent growth path is our greatest challenge. For this, we will take whatever steps required," the Prime Minister said in his Independence Day address from the majestic Red Fort in the city's old quarters. "By the end of the year, I am confident there will be a major change," the Prime Minister said in the 40-minute speech as he laid down the agenda for the United Progressive Alliance (UPA) government that returned to power in May. "Till then, we all have to cope with the situation," he said in the speech delivered in Hindi, adding: "I appeal to business leaders and industrialists to work together in this endeavour and meet their social obligations and responsibilities." According to Manmohan Singh, it was because of his UPA government's policies that the country was able to grow at 6.7 percent in the last fiscal when the world was facing one of the worst downturns in eight decades. He said steps will be taken to ensure adequate spending on development projects to boost growth further and capital will be sought not only from domestic sources but from overseas as well. "India can progress only when each Indian makes a contribution. Our endeavour has been to reach the fruits of development to every citizen. I know we have a long way to go." The prime minister said he was also aware that high commodity prices were causing hardship to citizens, especially the poor. "We have enough food stocks. Every possible step will be taken to bring down prices," he said. At the same time, he appealed to all state governments to use all administrative and legislative measures at their disposal to ensure that prices of essential commodities like cereals and pulses are brought down. In this regard he also promised to deliver a food security law under which every family that is below the poverty line will get a fixed amount of foodgrain every month at a discount over market rates. The prime minister said it was equally imperative for the country's farm sector to grow faster and said the country needed another Green Revolution in order to emhance productivity further. "More attention will have to be paid to the needs of those farmers who do not have means for irrigation," he said, adding: "Our goal is four percent."
Source: IANS
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