Prime Minister Manmohan Singh said that India’s economy grew at 8 per cent in the last 10 years. But currently Indian economy is facing temporary downturn but he is hopeful that 8% growth rate can be achieved in medium term.
Global slowdown and high inflation is the reason for slowdown in India’s economy. Government needs to control Inflation rate.
Prime Minister Manmohan Singh today inaugurated a two-day annual general meeting of the Confederation of Indian Industry. India’s top business leaders are participating in this Meeting.
Prime Minister shared the current state of Indian economy and told that government is doing everything to create conducive investment environment for business.
Prime minister urged business leaders to play their social role constructively.
Prime minister said “Growth has slowed to 5 per cent, which is clearly disappointing … We are seeing temporary downturn, partly due to global factors.
We can get back to 8 per cent growth rate. We are determined to do everything possible to achieve the fiscal deficit target”
Prime minister accepted that there is delay in decision making due to inter ministerial differences and to solve this problem Cabinet Committee on Investments is formed.
He further said Temporary downturn happens from time to time and we can not control global slowdown.
“If the business mood was unduly optimistic in 2007, I think it is unduly pessimistic today,” he said.
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