A Manmohanomics dose on jobs for all

Sending his allies a pointed reminder—he was effusive in his praise for West Bengal Chief Minister Buddhadeb Bhattacharya, saying all chief ministers should ‘‘emulate the glorious role of Bhattacharya’’— Singh said: ‘‘Those who are in any way linked to governance should not hurt economic growth’’.

To maintain the growth rate, it was important, he said, that the investment climate in the country becomes favourable for public and private investment. To light villages, build roads, bring telephones, provide safe drinking water and primary education to every rural household, the pace of industrialisation had to increase. And for that, he said, a ‘‘labour friendly atmosphere’’ needs to be created.

Describing his visit to the ‘‘Marxist conclave’’ in Hyderabad last Sunday as a learning experience, Singh said that ‘‘capital accumulation’’ was necessary for the economy to grow at ‘‘employment-friendly growth’’ of 7-8 per cent.

‘‘India needs doses of FDI for growth. I, personally, am aware of the fact that large amount of capital is waiting to come, provided we have the vision and the capacity to absorb,’’ he said.

Voicing concern that oil PSUs have started incurring cash losses, the Prime Minister said ways have to be found so that PSUs could discharge their role as major engines of economic growth.