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India PM Manmohan Singh urges economic investment boost

India PM Manmohan Singh urges economic investment boost

TestFunda ,  22-Aug-12
In his Independence Day speech, Prime Minister Manmohan Singh said that economic growth should be regarded as “a matter of national security”, and promised to make India convenient for foreign direct investment. 

In terms of economic expansion, India's economy expanded at an annual rate of a mere 5.3% in the first quarter - the slowest pace in the last nine years.

With rumours that growth of the Indian economy may slow further in the near term, Mr Singh assured  that the expected growth this fiscal year will be "a little better" than last year's 6.5%. 

In his speech, he said India "cannot do much about the conditions that prevail outside our country... But we must make every effort to resolve the problems inside our country so that our economic growth may speed up".

The Indian government would "leave no stone unturned to encourage investment", he said.

Mr Singh added that a domestic cordial environment also needed to exist to ensure progress and strengthen the economy. "We are not being able to achieve [the environment]... because of a lack of political consensus on many issues. Time has now come to view the issues which affect our development process as matters of national security."

Other issues that mentioned by Mr Singh include infrastructure, check on red tapism and corruption, a deficient summer monsoon, which had led to drought like conditions in some states and Indian Space ambitions.
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