5% economic growth is clearly disappointing: PM
Prime Minister Manmohan Singh on Wednesday said that there is a need to
create growth process in the country that is truly inclusive.
Inaugurating the two-day annual general meeting of the Confederation of
Indian Industry (CII) here, the PM said that industry is deeply
interested in knowing the state of economy.
Addressing the CII meeting, the PM said, “Circumstances have changed
since my last address to CII”. "Decline in private sector investment
must be reversed. I am encouraged by progress made by Cabinet Committee
on Investment", he said.
Emphasising on the need to correct
business mood in the country, Singh said, ""Business mood which was
unduly optimistic in 2007, is unduly pessimistic today".
The PM
said, “Our economy grew at average of 5% in last ten years... Returning
to 8% growth needs speedy and decisive government action.”
He further said,” 5% growth is clearly disappointing but current economic downturn is temporary.”
Emphasising on the need to restore macro-economic balance in the
country, the Prime Minister exhumed confidence that India will achieve
the fiscal consolidation target.
Singh also stressed upon the need to tackle with weak exports and high current account deficit.
Amidst expectation that current account deficit is likely to remain at
5% of the GDP and the PM said that it will moderate in FY14. He added
that the government has taken steps to rationalise fuel subsidy and in
the process petrol prices have been completely decontrolled now.
The PM also hoped that Aadhar will help targeting subsidy.
Around 1,500 industrialists from across the country are attending the
meeting. The theme for this year's deliberations is "India tomorrow:
Imperatives of growth, security and governance".
Issues like food security and industrialisation are the major items on the agenda of deliberations.
Other invitees include Union Commerce Minister Anand Sharma, Minister
of state for Consumer Affairs Food and Public distribution KV Thomas,
Communication Minister Kapil Sibal, Heavy Industries Minister Praful
Patel, Leader of Opposition in the Rajya Sabha Arun Jaitley, Planning
Commission Deputy Chairperson Montek Singh Ahluwalia, Planning
Commission member Arun Maira, Delhi Chief Minister Sheila Dikshit and
Chhattisgarh Chief Minister Raman Singh.
Corporate leaders
slated to participate include Bharti Enterprises chief executive officer
Sunil Bharti Mittal, Bajaj Group chairman Rahul Bajaj, TVS CMD Venu
Srinivasan, Wipro chairman Azim Premji, Biocon CMD Kiran Mazumdar Shaw
and Godrej Group chairman Adi Godrej.
The CII conference comes
in the backdrop of the country's growth rate slowing down to almost a
four-year low of 4.5 percent during the October to December quarter of
the current financial year, as compared to 6 percent during the same
period of last year.
5% economic growth is clearly disappointing: PM
Prime Minister Manmohan Singh on Wednesday said that there is a need to
create growth process in the country that is truly inclusive.
Inaugurating the two-day annual general meeting of the Confederation of
Indian Industry (CII) here, the PM said that industry is deeply
interested in knowing the state of economy.
Addressing the CII meeting, the PM said, “Circumstances have changed
since my last address to CII”. "Decline in private sector investment
must be reversed. I am encouraged by progress made by Cabinet Committee
on Investment", he said.
Emphasising on the need to correct
business mood in the country, Singh said, ""Business mood which was
unduly optimistic in 2007, is unduly pessimistic today".
The PM
said, “Our economy grew at average of 5% in last ten years... Returning
to 8% growth needs speedy and decisive government action.”
He further said,” 5% growth is clearly disappointing but current economic downturn is temporary.”
Emphasising on the need to restore macro-economic balance in the
country, the Prime Minister exhumed confidence that India will achieve
the fiscal consolidation target.
Singh also stressed upon the need to tackle with weak exports and high current account deficit.
Amidst expectation that current account deficit is likely to remain at
5% of the GDP and the PM said that it will moderate in FY14. He added
that the government has taken steps to rationalise fuel subsidy and in
the process petrol prices have been completely decontrolled now.
The PM also hoped that Aadhar will help targeting subsidy.
Around 1,500 industrialists from across the country are attending the
meeting. The theme for this year's deliberations is "India tomorrow:
Imperatives of growth, security and governance".
Issues like food security and industrialisation are the major items on the agenda of deliberations.
Other invitees include Union Commerce Minister Anand Sharma, Minister
of state for Consumer Affairs Food and Public distribution KV Thomas,
Communication Minister Kapil Sibal, Heavy Industries Minister Praful
Patel, Leader of Opposition in the Rajya Sabha Arun Jaitley, Planning
Commission Deputy Chairperson Montek Singh Ahluwalia, Planning
Commission member Arun Maira, Delhi Chief Minister Sheila Dikshit and
Chhattisgarh Chief Minister Raman Singh.
Corporate leaders
slated to participate include Bharti Enterprises chief executive officer
Sunil Bharti Mittal, Bajaj Group chairman Rahul Bajaj, TVS CMD Venu
Srinivasan, Wipro chairman Azim Premji, Biocon CMD Kiran Mazumdar Shaw
and Godrej Group chairman Adi Godrej.
The CII conference comes
in the backdrop of the country's growth rate slowing down to almost a
four-year low of 4.5 percent during the October to December quarter of
the current financial year, as compared to 6 percent during the same
period of last year.
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