Aug
18
Indian Economy likely to hurt by Drought
Filed Under Indian Economy |
Cautioning that drought could have an adverse impact on the economy, Prime Minister Manmohan Singh assured the nation that people would, however, not be allowed to go hungry and black marketeers and hoarders would be hounded.
After the global meltdown shaved off economic growth, the drought threatens to make it worse by eating into agriculture production. “It is our ardent desire that not even a single citizen of India should ever go hungry.
“We will provide all possible assistance to our farmers to deal with the drought… in view of deficient rainfall we have postponed the date for repayment of bank loans… are also giving additional support for payment of interest,” he said in his address to the nation on its 63rd independence day.
The UPA, which in its previous term wrote off farm loans, also promised to take a slew of measures including increasing capital flows into the country, encouraging exports or increasing public investment and expenditure to put the economy back on high growth trajectory.
“Restoring our growth rate to nine per cent is the greatest challenge we face… we expect that there will be an improvement in the situation by the end of this year, but till that time we will all have to bear with the fallout of the global economic slowdown,” he said in his address from the ramparts of the Mughal-era Red Fort.
He appealed to the business community to fulfill their social obligations by joining the government’s efforts to ensure inclusive growth.
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