Business » Economy

Updated: November 20, 2009 12:21 IST

PM to focus on inclusive growth at 9 per cent

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Capital has started coming back to our country: Manmohan Singh
Capital has started coming back to our country: Manmohan Singh

Prime Minister Manmohan Singh said his agenda for the next few years is to bring India’s economy back to 9 per cent growth rate and ensure the benefits of development reach everyone.

The Prime Minister told The Washington Post in an interview days ahead of his visit to the US that he wants the growth to be inclusive to and its benefits to reach all segments of the population.

“A growth rate of about 9 per cent per annum and to ensure that this growth is an inclusive growth - that the benefits of development reach out to all sectors of our population,” Singh said when asked what would he like to achieve in the next few years.

“Do you feel you’ve made a difference to your country as prime minister? What will your legacy be?” the Prime Minister was asked.

“I hope I’ve made some difference. That’s for posterity to judge,” Singh said.

Responding to questions on the economic crisis, the Prime Minister was optimistic of US’ recovery from last year’s crisis.

“With the entrepreneurial skills of the US business class and the US educational system, I have no doubt that the United States will overcome this temporary setback,” he said.

As far as India is concerned, its banking system, he said, is better regulated.

“We don’t allow our banking system to invest heavily in those types of assets. Our export growth rate has sharply declined. The flow of capital has also been affected,” he said.

“But more recently, capital has started coming back to our country. Before the crisis, our growth rate was at 8.5 per cent to 9 per cent per year. This year it will be about 6.5 per cent. In two years, we should go back to 9 per cent growth rate,” Singh said.

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