PM cautions on global economic recovery

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Updated: 08/11/2009 | 11:55 AM IST

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NDTV Correspondent

Sunday, November 08, 2009 (New Delhi)

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Inaugurating the World Economic Forum’s India Summit, Prime Minister Manmohan Singh said on Sunday that the worst is behind us but cautioned that the path to global recovery would be long and uncertain.

He said that the country is expected to see an economic growth rate of 6.5 per cent in the current fiscal on the back of signs of upturn in economy. “If monsoon is normal next year, we can expect growth at 7 per cent,” he said.

He said that the government would focus developing infrastructure to boost demand. “Private investment has a large role to play in achieving objective,” he said adding that the foreign direct investment norms have been greatly liberalized. “Foreign inflows amounted to $120 billion since 2001-02,” he said, adding that India’s economy is now more open to trade and investment.

He also said that India has seen substantial progress on reducing poverty and that the country needs to promote inclusive growth. The prime minister added that India has faced global downturn better than most and he said that the economy is to grow estimated 6.5 per cent this fiscal.

But he said that foreign inflows would not be enough given the scale of economy. “The government is keen to simplify procedures to make the country a more investor-friendly destination” he said. “We are well placed to push the reform process forward.”

The prime minister said that though the Indian banks have not been directly affected by crisis, there is a need to deepen corporate bond markets and improve futures market.

He also stressed that education and health care sectors need more reforms.

On climate change he said that it is a global problem and a “purposeful” response is needed on climate change.