India to grow despite global slowdown: Manmohan
Tuesday, 3 June 2008
NEW DELHI, June 2 (PTI): Prime Minister Manmohan Singh today said many sectors of the economy have now emerged stronger and more competitive, enabling India to grow faster despite a global slowdown.
"In these past 17 years, despite the 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," he said at the Assocham annual general meeting here.
"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.
He hoped that the country will be able to sustain the growth process and overcome the challenges thrown up by the global slowdown.
Successive governments have taken forward the process of reforms and Indian economy is today more globally integrated than ever before, the prime minister said.
"Foreign trade now accounts for more than 40 per cent of our GDP. This ratio is higher than in such developed economies as that of the United States and Japan," he said.
The world recognises today that the Indian route to globalisation has been a more stable and sustainable, he said, adding, "We have avoided many of the pitfalls that other developing countries and centrally planned economies got into."
"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, slow and steady wins the race! The Indian tortoise will win the race against many Asian hares," he said.
"In these past 17 years, despite the 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," he said at the Assocham annual general meeting here.
"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.
He hoped that the country will be able to sustain the growth process and overcome the challenges thrown up by the global slowdown.
Successive governments have taken forward the process of reforms and Indian economy is today more globally integrated than ever before, the prime minister said.
"Foreign trade now accounts for more than 40 per cent of our GDP. This ratio is higher than in such developed economies as that of the United States and Japan," he said.
The world recognises today that the Indian route to globalisation has been a more stable and sustainable, he said, adding, "We have avoided many of the pitfalls that other developing countries and centrally planned economies got into."
"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, slow and steady wins the race! The Indian tortoise will win the race against many Asian hares," he said.