India Inc has every reason to celebrate the success of the country's growth that has been the result of some prudent economic policies and has grabbed global attention, Prime Minister Manmohan Singh said on Thursday.
"It is not by accident the average rate of economic growth has been 9 per cent in the last three years," the prime minister said, inaugurating the annual meeting of the Confederation of Indian Industry (CII).
"These are the results of balanced, prudent economic policies," said the prime minister who completed three years in office Tuesday, adding his government was keen to partner India Inc to transform the country's economic landscape.
"We do not believe in an adversarial relationship with industry but partnership. We have worked hard to create a business friendly environment, an environment conducive to rapid growth," he said.
Manmohan Singh said it was not the result of good fortune or miracle that India was a trillion dollar economy, attracting foreign investment worth $20 billion and recording an investment rate of 35 per cent of gross domestic product (GDP).
He said his government's policies that have made these achievements possible have focussed on infrastructure, promoting investment, boosting manufacturing and services, pushing rural uplift and making India a great place to invest.
"These are good times for the Indian enterprise. Your energy and enterprise are making its mark globally," he said, as who's who of corporate India listened to the speech with rapt attention at the Taj Palace Hotel in New Delhi.
He said by reading about the growing number of Indian billionaires, Indian firms acquiring multinationals, the real estate boom, new holiday destinations and the soaring salaries of chief executives, he knew growth was benefiting India Inc.
"The world is beginning to look at us with respect. It sees Indian professionals and businessmen competing and winning on the world stage. You have every reason to celebrate this success, to reap its rewards, to live more comfortably."
The prime minister said the aim of the government's policies and welfare schemes were to ensure an equitable growth that empowered the most deprived of citizens. "I do believe that we have a reasonably good story to tell."
At the same time, he recognized that the government did have a long way to go in addressing the needs and concerns of all sections of our society, especially the poorest among them.
"Our government came to power to address their felt need. We remain committed to this goal."