Our inclusive policies gave more money to weaker sections: PM
4 Jan 2014 12:12 AM GMT
'...we have also not been as successful in controlling persistent inflation as we would have wished. This is primarily because food inflation has increased. However, we should remember that our inclusive policies have put more money in the hands of the weaker sections', Singh said while addressing a press conference, the third as Prime Minister.
The worry about inflation, he added, 'is legitimate but we should also recognise that incomes for most people have increased faster than inflation.'
While making a case for increasing supplies and improving marketing and logistics to contain food prices, especially of perishables like fruits and vegetables, he stressed 'much of this work lies in the domain of the states.'
As regards the growth, which has slipped to decade's low of 5 per cent in 2012-13, the Prime Minister attributed the slowdown to global factors but exuded confidence that the growth momentum would revive in the coming years.
'We are set for better times. The cycle of global economic growth is turning for the better. Many of the steps we have taken to address our domestic constraints are coming into play. India’s own growth momentum will revive', he added. He said that during the term of UPA, India for the first time in its recorded history, witnessed a sudden acceleration of economic growth to 9 per cent.'This exceptional performance was followed by a slowdown initiated by the global financial crisis. Over the past couple of years, all emerging economies have experienced a slowdown.
India was no exception', he added. Expressing the government's commitment to economic reforms, Prime Minister said 'so long as we are in power we will continue to push for reforms...our government attaches highest priority to reforms.
'...we will continue to implement our policies, with vigour and commitment, aiming to revive growth, promote enterprise, generate employment, eliminate poverty and ensure the safety and security of all our people, particularly women and children.'
India, he further said, 'provides a hospitable environment for foreign direct investment (FDI). We will continue to improve our practises wherever needed.'
Observing that over the past decade economy has gone through many ups and downs, Singh said, 'we should not focus overly on the short term.'
Citing the achievements of the government, Singh said that in 2004 it tried to give 'a New Deal for Rural India' and pursued farmer friendly policies including raising support prices, expanding credit to farmers, and increasing investment in horticulture, rural development, and rural infrastructure, especially roads and electricity.
He further said that the Mahatma Gandhi National Rural Employment Guarantee Scheme has assured agricultural labour of a floor and has increased their bargaining power, besides improving delivery of health and education services.
Because of the policies pursued by the government, he said, percentage of the population below the poverty line has fallen much faster in the period 2004-2011 than it did in the previous 10-year period and the number of people below the poverty line has come down by 13.8 crore.
‘Average growth in last 10 years was 7.7%’
New Delhi: India's average economic growth rose to 7.7 per cent in the 10-year regime of the UPA government as compared to 6.2 per cent recorded in the previous decade.
A report card titled 10 Years of Progress and Growth highlighting achievements of the government led by Prime Minister Manmohan Singh on Friday said ‘average GDP growth rate during the period of UPA government (2004-05 to 2013-14) has been 7.7 per cent despite two global slowdown in this period’.
Agriculture growth rate, it said, has been rising consistently and the sector expanded by 2.5 per cent and 3.7 per cent during the 10th and 11th Five Year Plans, respectively, and expected to touch 4 per cent in the ongoing 12th Plan period. It further said the country's GDP at the current price has increased almost three times to Rs 100.28 lakh crore during the last nine years from Rs 32.42 lakh crore in 2004-05. Similarly, per capita income has risen almost three-fold during the period. The per capita income has gone up to Rs 68,747 in 2012 from Rs 24,143 in 2004, the report card said.
‘Per capita income has increased at an annual average of nearly 20 per cent during the last nine years, well above the consumer price index during the same period,’ it said.
On rural wages, the document said it has tripled in the last year and thus improving the purchasing power of majority of people in villages.
Referring to large projects, it said the UPA government has expedited and cleared as many 293 projects involving investment of Rs 5.7 lakh crore in 2013.
To fast track stalled projects, the government has set up Cabinet Committee on Investment (CCI) and Project Monitoring Group (PMG). The document further informed that credit flow to Micro, Small and Medium Enterprises (MSME) has grown nearly seven times in the last seven years. The outstanding loan to the MSME sector was at Rs 5.27 lakh crore in 2012 as against Rs 83,498 crore in 2005. It said that in the last two years, 80,000 micro enterprises have been supported by Prime Minister's Employment Generation Programme, creating job opportunities for
9.23 lakh people.
The worry about inflation, he added, 'is legitimate but we should also recognise that incomes for most people have increased faster than inflation.'
While making a case for increasing supplies and improving marketing and logistics to contain food prices, especially of perishables like fruits and vegetables, he stressed 'much of this work lies in the domain of the states.'
As regards the growth, which has slipped to decade's low of 5 per cent in 2012-13, the Prime Minister attributed the slowdown to global factors but exuded confidence that the growth momentum would revive in the coming years.
'We are set for better times. The cycle of global economic growth is turning for the better. Many of the steps we have taken to address our domestic constraints are coming into play. India’s own growth momentum will revive', he added. He said that during the term of UPA, India for the first time in its recorded history, witnessed a sudden acceleration of economic growth to 9 per cent.'This exceptional performance was followed by a slowdown initiated by the global financial crisis. Over the past couple of years, all emerging economies have experienced a slowdown.
India was no exception', he added. Expressing the government's commitment to economic reforms, Prime Minister said 'so long as we are in power we will continue to push for reforms...our government attaches highest priority to reforms.
'...we will continue to implement our policies, with vigour and commitment, aiming to revive growth, promote enterprise, generate employment, eliminate poverty and ensure the safety and security of all our people, particularly women and children.'
India, he further said, 'provides a hospitable environment for foreign direct investment (FDI). We will continue to improve our practises wherever needed.'
Observing that over the past decade economy has gone through many ups and downs, Singh said, 'we should not focus overly on the short term.'
Citing the achievements of the government, Singh said that in 2004 it tried to give 'a New Deal for Rural India' and pursued farmer friendly policies including raising support prices, expanding credit to farmers, and increasing investment in horticulture, rural development, and rural infrastructure, especially roads and electricity.
He further said that the Mahatma Gandhi National Rural Employment Guarantee Scheme has assured agricultural labour of a floor and has increased their bargaining power, besides improving delivery of health and education services.
Because of the policies pursued by the government, he said, percentage of the population below the poverty line has fallen much faster in the period 2004-2011 than it did in the previous 10-year period and the number of people below the poverty line has come down by 13.8 crore.
‘Average growth in last 10 years was 7.7%’
New Delhi: India's average economic growth rose to 7.7 per cent in the 10-year regime of the UPA government as compared to 6.2 per cent recorded in the previous decade.
A report card titled 10 Years of Progress and Growth highlighting achievements of the government led by Prime Minister Manmohan Singh on Friday said ‘average GDP growth rate during the period of UPA government (2004-05 to 2013-14) has been 7.7 per cent despite two global slowdown in this period’.
Agriculture growth rate, it said, has been rising consistently and the sector expanded by 2.5 per cent and 3.7 per cent during the 10th and 11th Five Year Plans, respectively, and expected to touch 4 per cent in the ongoing 12th Plan period. It further said the country's GDP at the current price has increased almost three times to Rs 100.28 lakh crore during the last nine years from Rs 32.42 lakh crore in 2004-05. Similarly, per capita income has risen almost three-fold during the period. The per capita income has gone up to Rs 68,747 in 2012 from Rs 24,143 in 2004, the report card said.
‘Per capita income has increased at an annual average of nearly 20 per cent during the last nine years, well above the consumer price index during the same period,’ it said.
On rural wages, the document said it has tripled in the last year and thus improving the purchasing power of majority of people in villages.
Referring to large projects, it said the UPA government has expedited and cleared as many 293 projects involving investment of Rs 5.7 lakh crore in 2013.
To fast track stalled projects, the government has set up Cabinet Committee on Investment (CCI) and Project Monitoring Group (PMG). The document further informed that credit flow to Micro, Small and Medium Enterprises (MSME) has grown nearly seven times in the last seven years. The outstanding loan to the MSME sector was at Rs 5.27 lakh crore in 2012 as against Rs 83,498 crore in 2005. It said that in the last two years, 80,000 micro enterprises have been supported by Prime Minister's Employment Generation Programme, creating job opportunities for
9.23 lakh people.
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