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Journalism of Courage
Prime Minister Manmohan Singh on Wednesday said the Indian economy has the resilience to sustain a growth momentum in the range of nine per cent in the medium-term though the short-term outlook looks 8220;cloudy8221; due to the impact of global economic crisis.
8220;The short-term outlook is cloudy but I am confident that the Indian economy has the resilience to sustain its growth momentum in the medium-term,8221; Singh said while addressing an august gathering of top Indian and Japanese business leaders here.
Singh, on the second day of this three-day official visit to Japan, said the 8220;great turbulence in the world economy8221; has 8220;chocked credit flows and predictably spilled over to the stock market.
8220;We have to prevent the liquidity crisis from becoming a crisis of confidence in the international monetary and financial system,8221; he said at the luncheon organized by Nippon Keidanren, the Japan-India Business Cooperation Committee and the Japan Chamber of Commerce and Industry.
An eminent economist himself, the 76-year-old Singh said the global nature of the crisis calls for a coordinated global response.
8220;We hope to build on India8217;s many strengths as an emerging market economy that is now ready for rapid growth. Over the past four years, we have averaged nine per cent GDP growth per year.
8220;It will slow down in the current year because of conditions in the global economy. Once normalcy returns, we can regain the nine per cent trajectory,8221; Singh said confidently, assuring foreign investors about the stability of India8217;s economy.
