NEW DELHI: Prime Minister Manmohan Singh on Monday exuded confidence that India would continue to beat the challenges thrown open by global slowdown as many of the sectors are now competitive and strong.
“I am confident that we will be able to sustain the growth process and overcome the challenges we face on account of the global slowdown,” Singh said at the annual general meeting of industry chamber assocham.
He said many sectors of the economy have now emerged stronger and more competitive, enabling India to grow faster despite a global slowdown.“Many sectors of our economy are today stronger and more competitive than ever before. This is why despite the global slowdown and the many global challenges we face our economy is still able to deliver close to 8 per cent growth,” he said.Referring to political consensus for reforms, the Prime Minister said, “in these past 17 years, despite many changes in the government with different political parties wielding power in Delhi and in the states, there has been no reversal of the processes of economic reforms and liberalisation.”
“Successive governments have taken forward the process of reforms and Indian economy is today more globally integrated than ever before,” he said.“The world recognises today that the Indian route to globalisation has been stable and sustainable, he added.
“The steady acceleration of growth, from an average of 3.5 per cent in 1950 to 1980, 5.5 per cent in 1980 to 2000, and to nearly 9 per cent since 2004, bears testimony to the wisdom of the saying that slow and steady wins the race! The Indian tortoise will win the race against many Asian hares,” he said.
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