PM TWO

Singh said while the integration of the Indian economy
with the rest of the world undoubtedly created new
opportunities, the effects of the financial crisis was a
challenge thrown up by the same trend.

"The crisis has disrupted economies everywhere... We
have avoided a collapse on the scale of the Great Depression.
The worst is behind us though the path to global recovery will
be long and uncertain," he said.
The country had introduced fiscal stimulus by way of
excise duty cuts last year to insulate the economy from the
global crisis.
"Our medium term objective is to achieve a growth rate
of 9 per cent per annum," Singh said, adding that the fact
that India's domestic savings rate is now as high as 35 per
cent of GDP, the target is eminently feasible.
He said the country had plans for a large increase in
investment in all key infrastructure sectors: Power, roads,
ports, airports, telecommunications, irrigation and urban
infrastructure.
While some of this investment will be through the public
sector, private investment too would play a large role in
achieving this target, he said, welcoming foreign investors
to park their money in the country.
"Our Foreign Direct Investment policy has been greatly
liberalized. Our policy will be guided by the desire to make
India even more attractive for Foreign Direct Investment," he
said. MORE PTI TEAM
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