News and Events

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%.