Prime Minister Manmohan Singh during the 10th edition of the Pravasi Bharatiya Divas in Jaipur said, “Our country is going through difficult times ... We are up to the task of meeting these challenges we face as a nation.”
“The Indian economy is expected to grow by about seven per cent this financial year ending March 31,” he added. Dr Singh also said steps taken to control inflation are producing results and that there has been some improvement.
The Prime Minister exuded confidence that the growth rate in the coming years would go up to nine to 10 per cent as the “economic fundamentals are strong and ...Constitutional processes are robust”.
“...We hope to bring back the rhythm of our growth process to sustain an annual growth rate of 9-10 per cent in the medium-term. Our domestic savings rate which currently stands at 33-35 per cent of our GDP will greatly facilitate the realisation of our growth objectives,” Dr Singh said. In fact, just on Saturday, finance minister Pranab Mukherjee, at another event, had said, “We have a difficult three months ahead of us in this fiscal year. Our growth for 2011-12 may be around 7.5 per cent or less.
In Jaipur on Sunday, the Prime Minister also said the world too is passing though difficult times and overseas Indians are facing brunt of the slowdown. “Many of you are experiencing first-hand the impact of the global economic slowdown. Employment opportunities have declined, there is greater protectionism and attitudes towards migration have also hardened. There is growing social intolerance even in more open societies,” he added.
“We have attempted sincerely to address the rising expectations of our people with regard to governance and delivery of public services. The Right to Information Act has proved to be a powerful instrument of bringing in transparency in governance. I am confident that some of the other legislations on these issues, which are now on the national agenda, will make a similar impact in the years ahead,” Dr Singh said. Assuring the Indian Diaspora communities that the nation was “acutely conscious of their safety and security,” the Prime Minister said that the union government was in touch with many foreign countries including the European Union on the issue of protecting the interests of Indian students, academics and professionals abroad.
Pointing out that over six million Indians live in West Asia, the Prime Minister said, “We need to be alert to the unfolding developments in this part of the world. We have conveyed to the countries of the region that we have a stake in the peace and stability of this region, and that we expect that they would appropriately look after the interests of Indian communities in their countries.”
The Prime Minister also said the government had formed an inter-ministerial committee under the Cabinet Secretary to make recommendations on issues relating to repatriation, relief and rehabilitation of Indians affected by recent developments in West Asia. “The ministry of overseas Indian affairs has prepared an action plan to implement its recommendations,” he added.
Referring to evacuations of Indians from Libya, Egypt and Yemen earlier, Dr Singh said, “We stand ready to extend such help elsewhere should the need arise. The PM also said that since the Indian civilisation and society have always been inclusive in character, India’s political and economic processes have also to be “inclusive” in their orientation and in their outcome. “We wish to unleash the vast human potential of the many millions, who for one reason or another, have been on margins of our society in the past. Our government is committed to doing so by providing security of education, nutrition and health to every Indian so that he or she is empowered to live a life of dignity and well being,” he said.