In a speech that he gave to the top businessmen in country at an
illustrious India Inc gathering, PM Manmohan Singh underlines fact that
while India's economic growth may have plunged to 5%, but that is
something that is not entirely in UPA govt's hand.
PM was speaking at the CII Annual Meet today morning.
Manmohan says the views on economy today by many people is unduly pessimistic and their remarks against govt are in same vein.
Having underlined crucial role being played by the UPA govt, PM says the prime driver of growth today is the private sector and that India has transcended the old system and has now become a private sector-led economy.
However, PM hinted the private sector is not getting the environment where it can grow unhindered. He said, "Private sector needs an environment that allows it to flower." At the same time PM added the proviso that puts the onus of driving inclusive growth on the private sector.
On the Indian economic growth slowing down, PM said the corrective strategy must be based on proper analysis of the problem. What ails India, he said is not just domestic, but also foreign factors. "India's 5% growth rate is unacceptable, but, that is not our long-term potential," PM said.
"Prophets of doom are criticising us on something that is but temporary. Slowdowns happen from time to time and we must adjust to them," says PM.
PM blamed the global slowdown for India's woes, especially the ongoing crisis in Euro zone where growth has fallen into the negative and Japan, where growth is zero.
PM was speaking at the CII Annual Meet today morning.
Manmohan says the views on economy today by many people is unduly pessimistic and their remarks against govt are in same vein.
Having underlined crucial role being played by the UPA govt, PM says the prime driver of growth today is the private sector and that India has transcended the old system and has now become a private sector-led economy.
However, PM hinted the private sector is not getting the environment where it can grow unhindered. He said, "Private sector needs an environment that allows it to flower." At the same time PM added the proviso that puts the onus of driving inclusive growth on the private sector.
On the Indian economic growth slowing down, PM said the corrective strategy must be based on proper analysis of the problem. What ails India, he said is not just domestic, but also foreign factors. "India's 5% growth rate is unacceptable, but, that is not our long-term potential," PM said.
"Prophets of doom are criticising us on something that is but temporary. Slowdowns happen from time to time and we must adjust to them," says PM.
PM blamed the global slowdown for India's woes, especially the ongoing crisis in Euro zone where growth has fallen into the negative and Japan, where growth is zero.
No comments:
Post a Comment