Prime Minister Manmohan Singh said on Tuesday that appropriate policy interventions were required to sustain a 9 per cent growth rate despite a possible global economic slowdown. “Our policy must be tuned to sustain 9 per cent growth even if world growth slows down and global food and fuel prices continue to remain under pressure. India should have the ambition and the courage to sustain the current acceleration of growth no matter what happens globally,” Singh said at meeting of the trade and industry council here.
Singh said that the domestic economy could sustain a growth process of over 9 per cent through appropriate policies. “But we will need to pursue policies that can sustain growth. While India must remain alert to trends in the global economy, we must also recognise that the world is looking at India as a new engine of growth. If our economy continues to grow despite a global slow down, we will be able to lift millions of our people from poverty and generate employment for our youth,” he said.
Economists feel that the high levels of domestic demand and investment have to be maintained to sustain the growth momentum in the wake of a rising rupee.
The meeting, attended by Finance Minister P Chidambaram, Commerce and Industry Minister Kamal Nath, Deputy Chairman Planning Commission Montek Singh Ahluwalia, Chairman of National Manufacturing Competitiveness Council V. Krishnamurthy, Chairman of the Prime Minister’s Economic Advisory Council C Rangarahan and industry leaders, including Ratan Tata, Keshub Mahindra, Mukesh Ambani, RP Goenka, Jamshyd Godrej, NR Narayanamurthy, Rahul Bajaj, Anji Reddy, Sunil Mittal, Sunil Munjal and Deepak Parekh, discussed the current economic situation and issues of concern for Indian industry.