Government and industry partners in progress: PM

April 03, 2013 10:53

Prime Minister Manmohan Singh who is addressing the Confederation of Indian Industry in New Delhi, says business mood which was unduly optimistic in 2007, is unduly pessimistic today.

PM says growth slowing down to 5 per cent is disappointing but can get back to 8 per cent again: PM."We have to accept that exports will be weak and CAD will be higher than it should be," says PM.

We are seeing a temporary economic downturn, partly due to global factors. We must take corrective actions, says PM.

He said that the slow down of growth not permanent.

"Government and industry are partners in progress. Achieving high growth rate calls for speedy action," he said.

Decline in private sector investment must be reversed. "I am encouraged by progress made by Cabinet Committee on Investment. The govt is reviewing FDI policy comprehensively," says PM.

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