Need well conceived strategy to make India five trillion economy: Manmohan Singh

Former Prime Minister Manmohan Singh on Saturday said that a "well conceived strategy" was needed to make India a five trillion economy.

Delivering a speech at a private university here, Singh said that poverty, population and social inequity, religious fundamentalism and corruption are some of the challenges before democracy.

"Presently, our economy seems to have slowed down. The rate of growth of GDP is declining, investment rate is stagnant, farmers are in distress, banking system is facing a crisis and unemployment is going up. We need a well conceived strategy to make India a five trillion economy," he said.

He suggested that the government should forbid tax terrorism, respect independent voices and provide for checks and balances at every level.

"The need of the hour is to continue with economic reforms," he said.

The Rajya Sabha MP from Rajasthan said that the country needs principled, knowledgeable and visionary leaders in times to come to strengthen democracy.