PM eyes double digit growth for Indian economy in 2-3 yrs

Kanpur, July 3 (PTI) Indian Prime Minister Manmohan Singh
Saturday said the Indian economy is poised to grow by double
digits in the next two-three years, having successfully
weathered the impact of the global downturn.

"Global economic recession did not have much impact on
us, as it had on other countries. Our target is to bring India
to double digit growth path in the next two-three years," he
said at a function organised by the Merchants' Chamber of
Uttar Pradesh here.
The Prime Minister said that there were a number of
inherent strengths in the country's economy which can
contribute to rapid growth in the future and they should be
harnessed to push up economic growth to double digits.
"Our savings and investment rates are high. Our youth
ratio in the population is higher as compared to other
countries and our private companies have created their place
at the international level and they are being considered as
good companies," he said.
"We should take maximum advantage of our strengths so
that we can achieve the target of double digit growth," he
added.
He said the last two years were difficult for the economy
because it not only had to face global recession, but also
drought last year.
"It is a sign of how strong our eonomy is that we have
been successful to overcome these problems," Singh said.
India's economic growth slowed down to 6.7 per cent
during 2008-09 as it faced the ripple effects of global
financial mess, after three successive years of nine per cent
plus growth.
During 2009-10, growth recovered to 7.4 per cent, after
the government provided stimulus packages to the economy. This
fiscal, the growth is targeted to furuther rise to 8.5 per
cent.
The Prime Minister said that economic growth in the last
few years had created new hopes among the people in the
country.
"Today, our citizens are very hopeful of the future and
India is being viewed with greater respect at the global level
and attention is being on the issues being raised by us on the
international forums," he said.
The Prime Minister said that the government had hiked
investment in education and health sectors, which was
necessary to achieve high growth rate in the times to come.
"Unemployment is a big problem before the country. For
productive employment of youths their skill development is
necessary for which a Skill Development Mission has been
launched," Singh said.
The country, whose population crossed over 1.25 billion,
has an estimated unemployment rate of 10.7 per cent of the
working age population.
Referring to public private partnership in creating a
world class airport terminal at Delhi, the Prime Minister said
that private sector had played an important role in the
development of the country.
"We are hopeful that by strenthening our partnership with
the private sector, we will be able to improve our physical
infrastructure," Singh said.
The government was of the view that country can only
march forward, when every citizen is benefited by the
development, he said.
"Our effort is that all - poor, marginal farmers,
socio-economically backward section should become a partner in
the country's development and this thought clearly reflects
from schemes like rural employment, loan waiver and mid day
meal," the Prime Minister said. PTI AVA
MYR