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Indian PM cuts growth rate to 7pct

Indian Prime Minister Dr Manmohan Singh while addressing the ongoing Prawasi Bharatiya Diwas at Jaipur cut the nation’s growth rate down to 7% in the current fiscal while admitting that the country was going through difficult times from 8.5% last year.

While maintaining that India is not untouched by the global meltdown, Dr Singh hoped the economy would steady itself around 7% growth rate.

He said “Despite an adverse international environment, the Indian economy is expected to grow by about 7% this financial year.”

However, he chose to allay fears of further setback in the growth story and continued to build on hopes of a positive growth rate in the region of 10%.

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