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Our resolve to spur growth, attract investment is unwavering: PM

Last Updated: Thursday, April 11, 2013 - 23:13

Berlin: Pitching for investments from Germany and other countries, Prime Minister Manmohan Singh Thursday said government's resolve to boost economic growth remains "unwavering" and underlined that intense debates back home on the policy issues have not stopped it from taking hard decisions.

Singh pointed out that trials of the global economy have led to repercussions in India as well and India's economic growth has slowed down.

"In response, our government has considered several measures to revive the engines of growth. In a country of India's size, diversity and complexity, intense debates on the policy choices we make are inevitable.

"But these debates have not stopped us from taking the hard decisions in the long term interest of our country and our people.

"In fact, we welcome the debates for the value that they add to our policies and thus make them more durable," Singh said in his address at for the closing ceremony of the 'Days of India in Germany'.

Singh said the government has set a target of over 8 per cent annual growth for the Twelfth Five Year Plan.

"This is the rate of growth India recorded over the past decade and is, I believe, our potential rate of growth in the near future," he said.

Prime Minister said the government was confident that the country can return to that growth path.

"Our economic fundamentals are strong. The spirit of enterprise and innovation in India is thriving. The opportunities for investment abound.

"Our government's resolve to spur investments, attract foreign investors and boost economic growth remains unwavering," he said.

Singh added that the government has sought to make India more attractive to investors both at home and abroad.

"In recent months, we have introduced strong measures to achieve fiscal consolidation and further strengthen macroeconomic stability. We have taken steps to accelerate implementation of major infrastructure projects.

"Our message to the world is clear: India remains open and welcoming to foreign investment. We are aiming to attract an investment of nearly one trillion dollars in infrastructure over the next five years.

"I hope German companies and companies from across Europe will make good use of these opportunities and help accelerate our growth process," he said.

Prime Minister Singh said India's concern is not merely its rate of growth, but also the quality of that growth.

"We want our growth to be inclusive and sustainable. This is not just a social and political imperative, but also a sound economic underpinning for sustained long term growth.

"Therefore, we have placed a special emphasis on livelihoods, food security, healthcare, education, skill development and on clean and renewable energy," he said.

Prime Minister stressed that today's is a world of inter-dependent prosperity and shared vulnerability.

"This is a world not of declining and rising powers, but of broadening opportunities and more widespread hope. This is an age when change is rapid, but transformation can also be quick. This is an age that calls us to connect, engage and embrace," he said.

Speaking on global economic crisis, Singh said these are difficult times, not just for Europe, but for the entire world.

"I am confident, however, that with national measures and collective efforts, Europe will overcome its present economic challenges.

"The world needs a successful, open and prosperous Europe. We in India too have a stake in Europe's economic recovery and its role in world affairs," he said.

Prime Minister said in India's quest for strong and sustainable growth, Germany is one of most important partners.

"It is not merely because of German excellence in science, technology, production and organisation. It is more because we share a relationship of comfort, candour and confidence, which rests on shared values and draws upon centuries of intellectual, cultural and philosophical exchanges.

"In every area of our national development goals - infrastructure, manufacturing, clean energy, science and technology, higher education and skill development - I see opportunities for fruitful partnerships," he said.

Praising Germany, Singh said Berlin's transformation from a city at the edge of a great divide into one at the centre of Europe's integration "is a symbol of Germany's international role and responsibility; of its contribution to the great European project; and of a future for Europe defined by unity, not by division".

Speaking about agreements inked between the two countries today, he said they include, which include collaboration on a unique and "potentially transformative green energy corridor in India".


First Published: Thursday, April 11, 2013 - 23:13
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