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| Politics
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| Slowdown is temporary, will prove |
| Slowdown is temporary, will prove Prophet of Doom wrong, PM Manmohan Singh tells India Inc
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| INDIA
, 3-April-2013
3:54:7 AM |
| The Prime Minister today said that the slowdown in growth is "a temporary downturn in the economy, we will prove the prophet of doom wrong."
Dr Manmohan Singh was speaking in Delhi at a gathering of some of the country's top business persons at the annual meeting of the Confederation of Indian Industry (CII).
His focus was on the corrective measures that he says his government is taking to revive a lethargic growth rate of five percent, the slowest pace in a decade and a far cry from a near double-digit growth seen in the early 2000s.
"I propose to strike a contrarian note again. If the business mood was unduly optimistic in 2007 I think it is unduly pessimistic today," he said.
Dr Singh's minority government has been even more fragile since key ally DMK pulled out last month. Mulayam Singh Yadav, whose Samajwadi Party provides essential external support to the coalition, has been warning of early elections. Dr Singh today acknowledged that "managing coalitions is not easy."
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