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India to grow at 7.5% despite recession: PM

Source: PTI
December 01, 2008 18:35 IST
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Prime Minister Manmohan Singh on Monday said despite economic recession and the difficult situation in western countries, India's growth rate would be maintained at around 7.5 per cent in 2008-09.

The last quarter's report of the current FY has indicated that India recorded 7.6 per cent growth, the Prime Minister said.  Economic crisis was looming all over the world due to the recession that started in the US and Europe, and India was not an exception to it, the PM said, adding, "We are not untouched by (the) economic crisis".

Some western countries' economic growth rate was negative and recession was hovering there, Singh said, adding the Central government had taken measures to face the crisis.

"Our export, industry and credit availability would bear the minimum effect due to the Centre's steps to face the economic challenge and recover from it," he said.

"In such a tough situation, you need a government that understands economic issues better," he said, adding it was only the Congress that had the experience and capability to handle "complex economic issues".

"You may recall that in the 1990s the Centre faced the challenge of economic crisis successfully ... in the present situation too we have controlled inflation ... I believe while casting your vote you will remember this factor too," he appealed.

This is the first time that growth in four consecutive years has been nine per cent, he said, adding industries and business was given a boost, new jobs were created, and stagnant agriculture got great momentum.

The UPA government considered that the farmer was the backbone of the country and hence the National Agriculture Development Yojna and Food Security Mission were redrawn with priorities in the past four years, he said.

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