Indian economy expected to grow by 7%: PM

Addressing the delegates on the second day of the 10th Pravasi Bharatiya Divas in Jaipur on Sunday, Prime Minister Manmohan Singh said that the Indian economy is expected to grow by 7% this financial year despite the adverse impact of global economic slowdown.

"World is passing through a difficult phase. Many countries are facing global economic crisis and there is a greater protectionism and job losses. Our economical fundamentals are strong," said Singh.

Around 1,500 NRIs from 65 countries are attending the three-day annual conference that aims at attracting overseas Indians to play a larger role in shaping the nation.

The Prime Minister also asked the Indians residing abroad to participate in the electoral process in the country. "The Government is encouraging, for the first time, people living abroad to take part in elections in the country," said Singh.

Worried over the recent hate crimes against Indians residing abroad, Singh said, "We are concerned about safety and security of Indians living abroad, particularly of the unstable regions in the world."

Addressing the conference, the theme of which is 'Global Indian-Inclusive Growth', the Prime Minister said, "The Government recognises the important role being played by Indian communities living abroad."

The three-day conference was kicked off by the Ministry of External Affairs on Saturday, and a new Pension and Insurance scheme for skilled and unskilled migrant workers was announced.