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Well advised risks helped us: PM

Prime Minister exuded confidence that India was on the "threshold of a new era of higher growth" while committing to a wide range of policy reforms.

india Updated: Jan 18, 2006 14:04 IST

Eyeing a "doable" eight per cent economic growth, Prime Minister Manmohan Singh on Wednesday exuded confidence that India was on the "threshold of a new era of higher growth" while committing to a wide range of policy reforms that would help employment oriented development.

Expressing satisfaction that the economy had responded "handsomely" to the difficult decision he had taken in 1990s, Singh said, "Today we can say with pride that there is no external constraint on India's economic growth.

"Prudent economic management mixed with some well advised risk taking helped. We maintained the growth momentum of the 1980s, but with a healthier macro economic situation," Singh said at the Golden Jubilee function of the Delhi School of Economics.

He said that the country should now move on from the 6 per cent growth era to an era of 8 per cent or even more.

"This is entirely possible. It is doable. But there are things we must do. Each time the economy moved up to a new trajectory of growth, this happened because of a number of reasons," he said emphasising that "past experience suggest that we need policy reforms on a wide range of fronts."

First Published: Jan 18, 2006 14:04 IST