Fundamentals are strong, says PM

Despite the global meltdown, the fundamentals of Indian economy continue to remain strong. This affirmation came from Prime Minister Manmohan Singh himself on Thursday while inaugurating the Pravasi Bhartiya Divas 2009, a congregation of overseas Indians, held for the first time in Chennai. “We expect to achieve a growth rate of about 7% this year, which will be among the highest in the world. Much of India’s growth is internally driven and I expect we can maintain a strong pace of growth in coming years. That certainly will be our ambition,” he said. Referring to the recent terrorists attacks in Mumbai, the PM said there are some who would not like to see India succeed. “But we have shown, over and over again, that we will not allow the forces of terrorism and extremism to destabilise our polity, our economy and our society. We have taken several measures to strengthen national security, to promote national cohesion and we will continue to work with the international community to ensure that there are no safe havens and launching pads for terrorists.” The PM, for good measure, also spoke about India’s active involvement with G-20 countries, in creating a new global financial structure. “There is need to ensure that any new architecture that emerges is suited to the new challenges and vulnerabilities facing the world economy and simultaneously, it must be reflective of the changes that have taken place in the economic structure over the years. Countries like India have a right to be shown their due place in the evolving scheme of things,” he said. Recalling the efforts of global Indians for making India what it is today, he said India’s rise is increasingly being regarded as an important dimension of the emerging world order. “India's counsels on key global challenges are not just being heard, but are being actively sought after and in this enterprise of changing the image of India, the overseas Indian community has played a magnificent role,” he noted. During his speech, the prime minister also made a specific mention of India’s nuclear feats and the lifting of restrictions with the help of the international community to end its nuclear isolation of the past 30 years. The overseas Indian community, especially in the US, played a key role in ensuing this outcome and in mobilising congressional support for it in the US, he said. “This is a sign of the growing role that Indian origin communities are now playing in public policy and opinion making across the world. We applaud you for that contribution,” the PM added. “We feel proud of the great achievements of the people of Indian origin around the world. More than any other people, the people of India and of Indian origin know the meaning of tolerance and the art of living together, regardless of caste, creed, religion or language.”