2009-10 likely to be more difficult: PM
03 Jan 2009
Prime Minister Dr Manmohan Singh today cautioned that the next fiscal could be 'more difficult' owing to the effects of the global slowdown on the Indian economy.
Talking to the meia in Shillong after inaugurating the 96th Indian Science Congress, Dr Singh said, "We are facing a new challenge due to the global meltdown."
The prime minister was, however, quick to dispel notions of a severe decline in economic growth, saying that despite the global slowdown, India would still achieve a growth rate of close to 7 per cent this fiscal.
On the impact of the global crisis, which the prime minister described as a challenge before the country, he said, The world is affected by economic slowdown. "We are also affected by the slowdown as world economy is interlinked."
He also said that exports from India were also being affected by the slowdown.
Dr Singh said, "We need to minimise the impact. New packages have been announced, which will help us in stemming the adverse effects of the slowdown."
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