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PM sees growth at 7.5% despite recession

Press Trust of India  |  Jaipur 

Manmohan Singh

Prime Minister Manmohan Singh today said despite economic recession and the difficult situation in western countries, India's growth rate would be maintained at around 7.5 per cent in 2008-09.

The last quarter's report of the current financial year has indicated that India recorded 7.6 per cent growth, the Prime Minister told a gathering of intellectuals, businessmen, academicians and the media, organised on the eve of the assembly polls at the Subodh College ground here.

Economic crisis was looming all over the world due to the recession that started in the US and Europe, and India was not an exception to it, the PM said, adding "we are not untouched by (the) economic crisis".

Some western countries' economic growth rate was negative and recession was hovering there, Singh said, adding that the Central government had taken measures to face the crisis.

"Our export, industry and credit availability would bear the minimum effect due to the Centre's steps to face the economic challenge and recover from it," he said.

"In such a tough situation, you need a government that understands economic issues better," he said, adding that it was only the Congress that had the experience and capability to handle "complex economic issues".

"You may recall that in the 1990s the Centre faced the challenge of economic crisis successfully.... In the present situation, too, we have controlled inflation.... I believe while casting your vote you will remember this factor too," he appealed.

First Published: Mon, December 01 2008. 20:30 IST