Growth rate set to exceed 9%: PM | india | Hindustan Times
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Growth rate set to exceed 9%: PM

india Updated: Mar 08, 2007 19:01 IST

PTI
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The Prime Minister said investment rates have gone up by 34 per cent of GDP while the savings rate has risen to 32 per cent of GDP.

Singh asserted during the last three years the UPA government had taken several initiatives for alleviating poverty and set in motion an inclusive growth process.

"If we remain steadfast in this inclusive growth, we will be able to be make an impact on problems of poverty and unemployment," he said.

Apparently referring to the controversy over farmland acquisition in Singur in West Bengal to set up a Tata Motors factory, Singh said the process of industrialisation leading to loss of land had led to certain "undesired consequences".

"Those concerns have to be taken on board," he said.

The Prime Minister said during the last three years the economy grew by about 8.3 per cent. The problem of poverty could be addressed within the framework of a rapidly expanding economy, he said adding his government was satisfied that it had set in motion various initiatives in this regard in the past three years.

The Prime Minister said the government would call a meeting of the National Development Council especially to focus on the problem of agriculture and to devise ways to revitalise the rural economy. He said creation of jobs was a priority area of the government while pursuing industrialisation.

The Prime Minister said strategies have been put in place to check inflation. The government is determined to curb inflation without adversely affecting the strong growth, he said. The Reserve Bank has also taken measures to moderate prices, he said.

"If inflation becomes a problem and brings agony and hardship to people, it has to be dealt with on priority basis," Singh said adding "this is precisely" what is being done.

Pledging to improve the quality of governance, Singh said Government has taken seriously challenges of stagnation in agriculture.

Government will work steadfastly in addressing the problems facing agriculture. The problem of inflation will be effectively addressed without affecting the growth process. Singh said it was necessary to increase production of foodgrains, vegetable oil and other essential commodities.