India to maintain 7.5% growth in 2008-09: PM

>> Tuesday, December 2, 2008

Prime minister (PM), Manmohan Singh has said that despite economic recession and the difficult situation in western countries, India`s growth rate would be maintained at around 7.5% in 2008-09. India recorded 7.6% growth in the last quarter of the current financial year.

Economic crisis was looming all over the world due to the recession that started in the US and Europe, and India was not an exception to it, the PM said, adding `we are not untouched by the economic crisis`.

Some western countries` economic growth rate was negative and recession was hovering there, Singh said, adding the Central government had taken measures to face the crisis.

``Our export, industry and credit availability would bear the minimum effect due to the Centre`s steps to face the economic challenge and recover from it``, he added.

This is the first time that growth in four consecutive years has been 9%, he said, adding industries and businesses were given a boost, new jobs were created, and stagnant agriculture got great momentum.

The UPA government considered that the farmer was the backbone of the country and hence the National Agriculture Development Yojna and Food Security Mission were redrawn with priorities in the past four years, he added further. - IRIS