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Worst is Behind, But Road Ahead Long, Uncertain: Manmohan Singh, India may have against the global slowdown better than most countries but the path to accelerated growth will not be easy to bear, Prime Minister Manmohan Singh said on Sunday.
“I am happy to say that India has been able to cope with the global economic downturn better than many other countries. The Indian economy grew at a respectable rate of 6.7 percent in 2008-09,” Prime Minister .
“The worst is behind us but the road to recovery will be long and uncertain world,” he told the Davos economic summit of India-based World Economic Forum (WEF), which also celebrates its 25 years of commitment to India .
According to him, the integration of Indian economy with the rest of the world, no doubt, creates new opportunities but also brought new challenges, as evidenced by the global financial crisis that erupted last year.
He predicted a 6.5 percent growth for India’s economy during the current fiscal and 7 percent for next year, adding: “Our medium term objective is to achieve a growth rate of 9 percent per annum .
He said that high growth in turn requires work in many directions, as global demand is expected to increase slowly, the strategy was to launch asIndia still growing rapidly, but even that creates jobs in rural uprising.
“Our strategy should therefore aim to maintain high growth rate of the strength of strong domestic demand. We try to achieve this through a large increase in infrastructure investment.