New Delhi, April 21: The government’s “quick and calibrated response” to the global slowdown helped the economy recover fast from the crisis and the country will see 8.25 percent grow domestic product growth in the current financial year, Prime Minister Manmohan Singh said Wednesday.
Speaking after inaugurating the Civil Services Day programmes here, the Prime Minister said last year was “particularly difficult” for the country’s country.
“We faced a global financial crisis, probably the worst in the post-war period. There was hardly any country in the world which was not affected by it, in some measure or the other.”
He added: We were no exception, though our quick but calibrated response ensured that the adverse effect of the slow-down was much less on us than on other countries.
He said even amid the global recession, India could post a “respectable” growth of 6.7 percent in 2008-09.
“The growth rate for 2009-10 is now estimated at 7.2 percent and the forecast for 2010-11 is 8.25 percent,” Singh said.
He added that the government’s medium term target is to return the economy to the 9 percent growth trajectory.
The Prime Minister further stressed that hard work is required to “accelerate the pace of agricultural growth.”
“We faced a severe drought in the last kharif season. The impact of the drought on agricultural output was mitigated to a large extent by the resilience shown by our farmers and by the timely measures taken by the government. But now we need to do some hard work to accelerate the pace of agricultural growth.”
He also urged the country’s civil servants to pay “particular attention” to this area.
Singh added that “inclusive growth” remained the centerpiece of his government’s developmental agenda.
“Fast economic growth provides us with the resources and the wherewithal to address the problems of poverty, ignorance and disease. Rapid growth will have little meaning, however, unless social and economic inequalities, which still afflict our society, are not eliminated quickly and effectively.”
–Agencies