Sunday, August 19, 2012

India can go back to 9 per cent growth: Prime Minister Manmohan Singh
[How can this be possible when the stupid RBI, team refuses to cut Interest Rates, amidst the cheers from a section of Arm-chair specialists and also from some wooly brained journalists.....Huh!! I remember W Shakespeare's A Midsummer Night's Dream, in this context!! The irony of India is that this PM, spent almost his whole tenure, only dreaming, rosy pictures about India, while the economy is sinking to nadir. Moreover, the moronic RBI Team is still waiting for the inflation to fall to stop their steroidal treatment of economy---they neither have vision, nor the power to think what would be the probable scenarios/outcome after 6 months; if this kinds of abnormal interest rate cycle continues..........!! This is one of the worst RBI, teams I have seen in my life....!! God help those who gave these bunch, appointments........!! The point is that everyone knows theory because it is found in books, but the intelligent are the ones who come up with brilliant improvisation on these theories---I have neither seen any passion nor any special quality in these poor RBI bosses. Hope the next lot will be a tad better........!! It is time to come out of theory and stress more on personal experiences or practical experiences]
MUMBAI: Prime Minister Manmohan Singh today said the present slowdown was not "inevitable or irreversible".
Addressing Convocation ceremony at IIT Bombay here, the Prime Minister said after half a century of zero rate of economic growth, from 1900 to 1950, India managed to register 3.5 per cent growth for three decades after Independence, from 1950 to 1980. But from 1980 to now, over the subsequent three decades, the country nearly doubled that rate of growth.
"In 2003-08, we showed that we can march forward at an even higher rate of growth of 9 per cent," he said.
"I know that in the past year India's economy has slowed down. But this is not an inevitable or irreversible outcome. The fundamentals of our economy are sound and with greater effort being made to mobilise all the latent physical and human resources, we can go back to the growth rate of 8 to 9 per cent per annum achieved from 2003 to 2008," Singh said.
"The large investments in the development of human resources that we have made in the last eight years would facilitate that outcome," he said.

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