India can get back to 8 per cent growth: PM Manmohan Singh
Source: IBN
New Delhi: It was disappointing that growth had slowed to five per cent but this was temporary and the government was taking corrective measures to get back to eight percent growth, Prime Minister Manmohan Singh said on Wednesday. Addressing the annual meeting of the Confederation of Indian Industry (CII), the prime minister said the government and business have to be partners in writing the story of development.
"We are seeing a temporary downturn, which does happen. We must recognise it as such and take corrective action. I do not believe our future is five per cent growth. We grew at an average of about eight per cent in the last 10 years and we can get there again," he said.
He said consensus today was that unless the government acts swiftly, growth that has already decelerated, would be perennially stuck at five per cent.
Asking industry to have faith in the government and not get swayed by negativity, Manmohan Singh said: "In my last address in 2007, I chose to strike a contrarian note. When everything seemed to be going exceptionally well, I struck a note of caution."
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