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Web Exclusive | May 2013

PM expresses hope of 8% growth if UPA returns to power

Prime Minister Manmohan Singh said the economy may grow at 8 per cent if people re-elect the Congress-led coalition in the forthcoming general election.

The economic situation is turning around. Inflation is coming under control. The fiscal deficit is being brought under control. The current account deficit is high, but we will bring it down gradually.

He said this while speaking on the fourth anniversary celebrations of UPA-II government. He expressed confidence that growth in 2013-14 will be better than 2012-13 and could exceed 6 per cent.

He blamed the global economic slowdown for the decline in the economic growth of India --estimated to be 5 per cent in 2012-13. He said the "slowdown is temporary".

Stating that agricultural growth was critical for rural prosperity, Singh said the government was targeting 4 per cent growth in the sector and is attempting to increase foodgrain production as well as diversifying agriculture.

In order to replace the old and highly unfair colonial legislation, the government introduced the Land Acquisition and Rehabilitation Act. The new act will be much fairer to those whose land is acquired, Singh said.

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