Amid global slowdown impacting India as well, Prime Minister Manmohan Singh today said the government is committed to do everything to put economy back on a high growth path of 8-9 per cent.
"The steps we have taken recently are only the beginning of the process to revive our economy and take it back to its trend growth rate of 8-9 per cent," Singh said at the 85th Annual General Meeting of Ficci here. He said the global economy is passing through turbulent times and "excessive pessimism" at home has hurt the country's growth process.
"But I stand before you to reassure you that our government is committed to doing everything that is possible to alter the policy environment, accelerate economic growth and make the growth process socially and regionally more
The economic growth slowed to a nine year low of 6.5 per cent in 2011-12 and this year, too, the GDP growth, as per RBI's estimates, is likely to be 5.8 per cent. In the three years preceeding the 2008 global economic crisis, India was
The Prime Minister further said the government needs to take forward the steps it has taken through constitution of Cabinet Committee on Investment to revive the economy. "We need to complete the exercise that has begun on GAAR (General Anti Avoidance Rules) and taxation of the IT sector...We will speed up the disinvestment process which will also revive our equity markets," he added.
Liberalisation of foreign direct investment norms in sectors like multi-brand retail and aviation and cutting subsidies on petroleum products are some of the key economic reforms undertaken by the government in the recent past.
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