New Delhi, Jan 8
India's growth level this fiscal will probably remain at 5 percent, as last year, and the country's economic situation will improve in the coming months, Prime Minister Manmohan Singh said Wednesday, telling a large gathering of non-resident Indians that "there is no reason to despair" about the country's present or worry about its future.
"In the nine years since 2004, we averaged a healthy growth rate of 7.9 percent," he said here while addressing the inaugural session of the 12th Pravasi Bharatiya Divas, the annual gathering of NRIs and people of Indian origin (PIOs).
"There has no doubt been a slowdown in the recent past, and we will probably end this year at the same level as last year with 5 percent growth." He said poverty levels in the country had been steadily going down.
Manmohan Singh said a number of international and domestic factors have contributed to this situation. "Despite these challenges, our economic fundamentals are strong. Our savings and investment rates are still over 30 percent of the GDP and the entrepreneurial spirit in India is very much alive," he stated.
He urged Indians abroad to stay positive despite questions about the future of the Indian economy and concerns about social challenges.
"There is a perception in some quarters outside India that the country is losing its momentum of the past decade. This is also amplified by the political contestations here in India, which are inevitably louder in the election season," the prime minister said.
By:IANS