India should match rising economies of the East: PM

New Delhi, May 19 (PTI) Indian Prime Minister Manmohan
Singh Tuesday sought to give a push to the economic reforms
saying India could not afford to lag behind the rising
economies of the East.

"We cannot afford to miss the bus now," he said pointing
out that many nations in Asia were marching ahead and the
world was experiencing a shift in the dynamics of growth
from the West to the East.

Addressing members of the Congress Parliamentary Party,
he said India stood tall once again as a great democracy. "But
the challenges before us are daunting," he said.

Noting that the massive mandate came with the
challenge of rising expectations of the people, he said, "They
will not tolerate 'business as usual'.

"They expect us to work with renewed energy. They expect
the government to cater to their aspirations. They expect a
more responsive government. They expect a more efficient
government."

The Prime Minister said to maintain a sustained growth,
new investments were required. "This requires creating a
social and political environment in which new investment can
be made. This requires better management of our finances. This
requires reform of the economy," he said.

Singh said the country need to revitalise agriculture and
accelerate industrial development in order to sustain growth.

He said there was need to keep savings and investment
rates high and become more globally competitive to face the
economic challenges from across the world.

The Prime Minister said if the country sustain the growth
rates of the last five years, it can reduce poverty, create
new employment, accelerate rural development and
industrialisation, transform the lives of the people.

"The period ahead could be decisive. We must grasp the
nettle firmly and forge ahead," he said promising to do his
best to make the government a "catalyst of change".

Singh also extended a hand of friendship to members of
all political parties, cutting across political spectrum and
invited them to play the role of a "constructive opposition".

He said the impressive mandate for UPA was made possible
due to the "inspirational leadership" of Sonia Gandhi,
"enterprise and ingenuity" of Rahul Gandhi and dedication and
hard work of party workers.

The people have rubbished the "fashionable theory of
anti-incumbency", Singh said, cautioning that party leaders
and workers must work harder and better to secure a wholesome
mandate entirely in the party's favour. PTI