15.12.11

PM Manmohan Singh on FDI in Retail



Prime Minister Manmohan Singh said India’s economy will return to a long-term growth pace of 9% as inflation slows and the government extends a record of market-opening policies. “We will stay the course,” Singh said in an interview in his office in Parliament House in New Delhi on Wednesday. “We will make India an eminently bankable and creditworthy economy.” Gross domestic product will increase 7.5% in the fiscal year that ends March 31, while inflation will cool to between 6% and 7%, Singh said. The slide in the rupee won’t diminish investor confidence, he said. The prime minister said he expects to succeed in his push to open India’s retail market to foreign companies after regional elections conclude by the end of March 2012.

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