India to maintain growth of 7.5 pc despite recession: PM

Jaipur, Dec 1 (PTI) Indian Prime Minister Manmohan Singh Monday said despite economic recession and the difficult situation in western countries, India's growth rate would be maintained at around 7.5 percent in 2008-09.

The last quarter's report of the current FY has indicated
that India recorded 7.6 percent growth, the Prime Minister
told a gathering of intellectuals, businessmen, academicians
and the media, organised on the eve of the assembly polls at
the Subodh College ground here.

Economic crisis was looming all over the world due to
the recession that started in the US and Europe, and India was
not an exception to it, the PM said, adding "we are not
untouched by (the) economic crisis".

Some western countries' economic growth rate was negative
and recession was hovering there, Singh said, adding the
Central government had taken measures to face the crisis.

"Our export, industry and credit availability would bear
the minimum effect due to the Centre's steps to face the
economic challenge and recover from it," he said.

"In such a tough situation, you need a government that
understands economic issues better," he said, adding it was
only the Congress that had the experience and capability to
handle "complex economic issues".

"You may recall that in the 1990s the Centre faced the
challenge of economic crisis successfully ... in the present
situation too we have controlled inflation ... I believe while
casting your vote you will remember this factor too," he
appealed.

This is the first time that growth in four consecutive
years has been nine percent, he said, adding industries and
business were given a boost, new jobs were created, and
stagnant agriculture got great momentum.

The United Progressive Alliance government considered that
the farmer was the backbone of the country and hence the
National Agriculture Development Yojna and Food Security
Mission were redrawn with priorities in the past four years,
he said. PTI YG