India is Confident to Return to Higher Growth Path: PM

Prime Minister, Dr. Manmohan Singh inaugurated the 11th Pravasi Bharatiya Divas here today. In his inaugural address, he said that despite domestic constraints and challenges, India is confident that the strong economic fundamentals, backed by sound policies, will enable us to return to a higher growth path. This is an imperative for the country, because, India needs rapid growth and a healthy economy to meet the aspirations of an increasingly young India and make economic development more inclusive and more sustainable.

The Governemnt has taken a number of steps to boost domestic and foreign investment, accelerate project implementation and reform capital markets and the tax system. He added that among the most positive stories out of India in recent years are the acceleration in the rate of poverty reduction, stronger growth in the poorest states and improved productivity and increased real wages in our agriculture sector. This is significant, given that 65% of our population still relies on agriculture. He further said that the Government took a small first step to deliver benefits through direct transfer to beneficiaries, using the digital Aadhaar platform, which is an example of efforts to make growth more inclusive and government programmes more efficient and less vulnerable to leakages of various sorts.