Dismissing apprehensions of the Indian diaspora on the state of the economy, Prime Minister Manmohan Singh asserted that there was no need to worry about the future growth of Indian economy as the country was heading towards better times. Manmohan Singh urged people to remain engaged in the future of this country with confidence despite the concerns about the social challenges, better governance and future of the Indian economy. Highlighting the perceptions outside India that the country is losing its growth momentum in the past decade, which is amplified by the political uncertainty on account of coming general election, he clarified that despite a number of weak external and domestic factors, Indian economic fundamentals are strong.
Prime Minister dismissed perceptions that Indian economy was struggling with slowdown in past decade saying that economy has done well over the past decade with averaged healthy growth rate of 7.9 percent per annum. India’s savings and investment rates are still over 30 percent of GDP and business sentiments in India is escalating. Referring to the decade low growth of 5 percent in previous fiscal, Manmohan Singh pointed out that a number of international as well as domestic factors have contributed to low growth in FY13. Prime Minister expects that domestic economy is likely to grow at 5 percent in the current fiscal.
Prime Minister dismissed perceptions that Indian economy was struggling with slowdown in past decade saying that economy has done well over the past decade with averaged healthy growth rate of 7.9 percent per annum. India’s savings and investment rates are still over 30 percent of GDP and business sentiments in India is escalating. Referring to the decade low growth of 5 percent in previous fiscal, Manmohan Singh pointed out that a number of international as well as domestic factors have contributed to low growth in FY13. Prime Minister expects that domestic economy is likely to grow at 5 percent in the current fiscal.
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