PM woos NRI investors, says India heading for better times
9 Jan 2014 12:10 AM GMT
He also said that regardless of the outcome of the next elections, they will once again demonstrate the strength of India's democracy and its institutions.
'I know that many of you have questions about the future of the Indian economy and concerns about social challenges, the shape of our polity and the issues of governance in our country. There is a perception in some quarters outside India that the country is losing its momentum of the past decade,' he said.
Singh said the issue is also amplified by the 'political contestations in India, which are inevitably louder in the election season' that is now on the horizon.
'I wish to assure you that there is no reason to despair about our present or worry about our future. Indeed, as I have said earlier, we are heading into better times ahead and I would urge you to remain engaged in the future of this country with confidence and optimism,' the Prime Minister said at the 12th Pravasi Bharatiya Divas here.
He said ‘despite a number of external and domestic factors, our economic fundamentals are strong.'
Singh pointed out that a number of international as well as domestic factors have contributed to this situation.
'Our savings and investment rates are still over 30 per cent of our GDP and the entrepreneurial spirit in India is very much alive and kicking,' Singh said. Anand Sharma, Commerce and Industry Minister, invited investments from NRIs and said that huge opportunities exist for them in areas like manufacturing.
‘You have to believe in India. We are a nation of billion people opportunities. Come and work together,’ Commerce and Industry Minister Anand Sharma said. Sharma informed the NRI community that the government has relaxed foreign direct investment norms in several important sectors such as retail and civil aviation.
 ‘The government has announced a national manufacturing policy to boost the sector’s contribution in the GDP. National Investment and Manufacturing Zones (NIMZs) are planned. 14 of them are approved in different states,’ he said.
We will end this fiscal with 5% economic growth: Manmohan
New Delhi: Prime Minister Manmohan Singh on Wednesday pegged the growth of the Indian economy at five per cent for the current fiscal.
The government’s decisions on infrastructure and fiscal reforms have started making impact and India is ‘re-emerging’ as an attractive investment destination, he said. ‘Our economy has done well over the past decade. In the nine years since 2004, we averaged a healthy growth rate of 7.9 per cent per annum. There has been no doubt a slow down in the recent past, and we will probably end this year at the same level as last year with 5 per cent growth,’ Singh said.
Addressing the 12th Pravasi Bharatiya Divas here, the Prime Minister said the government has also taken a ‘very wide range’ of decisions to accelerate the implementation of mega infrastructure projects, reform tax administration, improve fiscal management, liberalise foreign direct investments and rationalise the system for allocation and utilisation of natural resources in recent months. In an apparent reference to the logjam in Parliament and opposition to fiscal reforms by some quarters, he said, ‘With greater political support, we could have legislated deeper reform measures — for example, in the financial and insurance sector.
‘However, our decisions are already beginning to make an impact and India is re-emerging as an attractive investment destination. I am confident you will see the evidence clearly in the next few months,’ the Prime Minister said.
'I know that many of you have questions about the future of the Indian economy and concerns about social challenges, the shape of our polity and the issues of governance in our country. There is a perception in some quarters outside India that the country is losing its momentum of the past decade,' he said.
Singh said the issue is also amplified by the 'political contestations in India, which are inevitably louder in the election season' that is now on the horizon.
'I wish to assure you that there is no reason to despair about our present or worry about our future. Indeed, as I have said earlier, we are heading into better times ahead and I would urge you to remain engaged in the future of this country with confidence and optimism,' the Prime Minister said at the 12th Pravasi Bharatiya Divas here.
He said ‘despite a number of external and domestic factors, our economic fundamentals are strong.'
Singh pointed out that a number of international as well as domestic factors have contributed to this situation.
'Our savings and investment rates are still over 30 per cent of our GDP and the entrepreneurial spirit in India is very much alive and kicking,' Singh said. Anand Sharma, Commerce and Industry Minister, invited investments from NRIs and said that huge opportunities exist for them in areas like manufacturing.
‘You have to believe in India. We are a nation of billion people opportunities. Come and work together,’ Commerce and Industry Minister Anand Sharma said. Sharma informed the NRI community that the government has relaxed foreign direct investment norms in several important sectors such as retail and civil aviation.
 ‘The government has announced a national manufacturing policy to boost the sector’s contribution in the GDP. National Investment and Manufacturing Zones (NIMZs) are planned. 14 of them are approved in different states,’ he said.
We will end this fiscal with 5% economic growth: Manmohan
New Delhi: Prime Minister Manmohan Singh on Wednesday pegged the growth of the Indian economy at five per cent for the current fiscal.
The government’s decisions on infrastructure and fiscal reforms have started making impact and India is ‘re-emerging’ as an attractive investment destination, he said. ‘Our economy has done well over the past decade. In the nine years since 2004, we averaged a healthy growth rate of 7.9 per cent per annum. There has been no doubt a slow down in the recent past, and we will probably end this year at the same level as last year with 5 per cent growth,’ Singh said.
Addressing the 12th Pravasi Bharatiya Divas here, the Prime Minister said the government has also taken a ‘very wide range’ of decisions to accelerate the implementation of mega infrastructure projects, reform tax administration, improve fiscal management, liberalise foreign direct investments and rationalise the system for allocation and utilisation of natural resources in recent months. In an apparent reference to the logjam in Parliament and opposition to fiscal reforms by some quarters, he said, ‘With greater political support, we could have legislated deeper reform measures — for example, in the financial and insurance sector.
‘However, our decisions are already beginning to make an impact and India is re-emerging as an attractive investment destination. I am confident you will see the evidence clearly in the next few months,’ the Prime Minister said.
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