Economy to bounce back to 8 pc growth rate by 2015-16: PM

Striking an optimistic note, Prime Minister Manmohan Singh today exuded confidence that the economic slowdown will not continue and the country will bounce back to the growth rate of 7 to 8 per cent in next two to three years.
Singh said the government is determined to give a push to the economy as he rejected the Opposition charge over mishandling of the situation and making a mess of it.
Replying to the debate in Rajya Sabha on Motion of Thanks to President's Address, Singh tore into BJP's claim that NDA government had performed better and cited figures in various sectors to show the country had grown much faster during the nine years of UPA rule.

"The Leader of Opposition is right in saying that India needs growth rate of .... He is also right when he said it will require rapid pace of industrialisation. I would like to remind this House this is precisely the intent of UPA government," he said.
Sharing members' concern over the slowdown of economy during the current fiscal, Singh said, "As the Finance Minister said we do not believe growth rate will stay where it is today. We will use all our policies to push up growth rate. We hope and it is our confidence that in two to three years economy will bounce back to high growth of 7 to 8 per cent.