FICCI AGM: PM confident of 9% growth; backs domestic economy

the Prime Minister Dr. Manmohan Singh has expressed confidence and optimism that this year too we will be able to sustain 9% growth and hold the price line at acceptable levels, even in face of global slowdown. The Finance and Commerce Ministries are seized of the concerns over the global slowdown, the Prime Minister said while inaugurating the 80th Annual General Meeting of FICCI on February 15. He added that the domestic economy has the potential to sustain growth.

The Prime Minister said the sustainability of economic performance rests on the health of the agriculture sector and reiterated the governments commitment to resolve the problem of credit availability for the farmers. We cannot have a situation where 80% of the farm sector is outside the formal financial system and suffers from excessive indebted ness, he declared.

Dr. Manmohan Singh expressed concern about the affordability of health care and the quality of public health. We need reform of our health system, especially our public hospital, he said, adding, We are looking at new models of affordable health insurance and other related strategies.

The Prime Minister said, to step up growth and make it more inclusive, the governments strategy rests on four pillars, namely, agriculture and rural development; infrastructure; education; and health care.

The Prime Minister announced that primary education would get a boost with the introduction soon of a Bill providing the right to education to every child. This is the surest way of ensuring rapid inclusive growth in the long run, Dr. Manmohan Singh said, adding We have made education a priority area for public policy, and as a favoured sector, education is seeing a three-fold increase in its share and a five-fold increase in actual outlays.

The Prime Minister also gave away the FICCI Awards for 2006-07 in six categories. To Bharat Biotech International, Hyderabad (Excellence in Science, Technology and Technological Innovation; Steel Authority of India Ltd. (Outstanding Achievement in Rural and Community Development); Grasim Industries, Cement Division, Tamil Nadu (Outstanding Achievement in Environment Sustainability of Business); Zenith Computers Ltd., Mumbai (Corporate Excellence in SME sector); ITC Ltd. (Outstanding Corporate Vision Business Performance, Social & Environment Action & Globalisation) and Indian Association for the Cultivation of Science, Kolhata (Outstanding Research in Life/Material/Space Sciences).