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“Let me say at the outset that I do believe we are set for better times. The cycle of global economic growth is turning for the better,” said Singh.
Singh repeatedly stressed that despite the global slowdown India’s growth trajectory was reasonably strong.
“We should recognize that even if we include the years of slowdown, the rate of growth achieved in the past nine years, is the highest for any nine year period. Equally important is the fact that we made the growth process more socially inclusive than it has ever been,” said Singh.
The Indian Prime Minister was addressing a press conference in the Indian capital on Friday.
After years of growth of 8-10%, the Indian economy began to slow in 2010. It is believed to have expanded by around 5% in the 2012-13 fiscal year.
The Indian Prime Minister is an economist credited with leading a crucial wave of reforms in the early 1990s.
Indian economic officials have blamed international factors for the rupee’s sharp decline over the last summer.
The 80-year-old, who has been prime minister since 2004, said on Friday that a rising India’s greater integration with the world economy is benefitting the country.
“The one lesson we shall all learn from our experience over the past decade is that the world around us is becoming more challenging. This is both a function of our greater integration with the world and of the international community’s expectations from a rising India. This is India’s manifest destiny. We should recognize it as such and learnt to deal with it,” said Singh.
The Indian Prime Minister also asserted on Friday that New Delhi will ensure regional security and stability and seek stable and mutually beneficial relations with all its Asian neighbours.
“We will continue to seek better relations with our immediate neighbours knowing that the destiny of the Indian sub-continent is linked through a shared history and a shared geography,” said Singh.