PM for quick decisions to achieve higher growth
Prime Minister Manmohan Singh asked his cabinet colleagues to accelerate decision making process to tide over major economic challenges for returning to high growth path. "I am instructing all Ministries to accelerate their consideration of critical issues where decisions are needed to get the economy moving again," Singh said in his 'message to the nation' soon after the turmoil-ridden Monsoon Session came to an end.
The Government must act wherever it can without the benefit of Parliamentary guidance, he said, regretting that the Monsoon Session was wasted because of protest by the main Opposition party BJP. "We have had one wasted session. I hope Parliament can get back to business in the next session," he said. Observing that the country was facing "major challenges" on the economic front, Singh said, "We must work hard to ensure that the Indian economy returns to high growth.
I have no doubt we can do it." He further said, "We can rebuild our growth momentum and encourage entrepreneurship by stimulating investment in infrastructure, in power, in roads, ports, railways and telecommunications. This will send a clear signal to the world that India is on the road to recovery. This in turn will bring back the momentum of growth, generate productive employment and also enable us to direct more resources to help the poor and weaker sections."
India's economic growth rate slipped to nine-year low of 6.5 per cent in 2011-12 and according to various reports the growth in the current fiscal is likely to remain subdued. The GDP growth for the first quarter for the current fiscal stood at 5.5 per cent.