The Hindu : National : 8 per cent growth possible: Manmohan

Online edition of India's National Newspaper
Thursday, Jan 19, 2006

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National

8 per cent growth possible: Manmohan

Staff Reporter

NEW DELHI: Emphasising that India was brimming with renewed confidence, Prime Minister Manmohan Singh on Wednesday said it was on the threshold of an era of higher growth.

There was no longer any external constraint on the country's economic growth. "I believe we must now move on from the six per cent growth era to an era of eight per cent or even more. This is entirely possible. It is do-able. But there are things we must do."

The Prime Minister was speaking at the golden jubilee celebrations of the Delhi School of Economics, where he taught once. Dr. Singh said experience suggested the need for policy reforms on new investment, and increased productivity and output in agriculture and manufacturing.

"We need more focussed attention on social equity, on education, health, environment and gender issues and regional imbalances. In all these areas, we cannot be satisfied with status quo or with the tenets of traditional wisdom."

Exciting laboratory

While admitting that the country faced many new challenges, he said India was the world's most exciting laboratory for any social scientist to study. "We are an ancient civilisation but a young nation. A nation of immense possibilities. A nation brimming with a renewed sense of confidence."

There was need to renew the commitment to excellence in education. "Our Government is committed to ensuring that every Indian is literate, educated and skilled. We are committed to investing in building capabilities in people that ensure that every one of us earns a decent living."

Dr. Singh recalled the criticism of the difficult decisions he took in the 1990s but expressed satisfaction over the positive results they produced.

"There were some genuine worriers. There were others with blinkers on. Some concerns were warranted. Many others were ill-informed. We stayed the course. I reached out to many professional economists. ... I also listened to my critics. But in the end, I had the responsibility to take the difficult, if momentous, decisions. I took them. The economy responded handsomely."

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