20.10.12

PM on India's growth


Prime Minister Manmohan Singh told senior commanders of the military that India could achieve 8% growth if the country can invest about 37-38% of its GDP. Sharpening his thesis about the linkages between economic growth and security, Dr Manmohan Singh said “comprehensive national strength” can increase only if India solves its pressing domestic problems in key sectors such as healthcare, education, infrastructure, jobs etc.
“We need an aggregate growth rate of 8% per annum to create new job opportunities for more than 10 million people who are going to enter our labour force each year. This is not going to be an easy task, given the international economic environment. However, it is not unattainable if we make determined efforts to increase our investment rate to 37-38% as was the case three years ago,” he said. Presently, India is believed to be investing less than 35% of its GDP.
“Even as we formulate responses to foreign and security-related challenges, concrete increases in our comprehensive national strength can come only if we solve our most pressing domestic problems. Affordable healthcare, quality education, remunerative jobs and reliable infrastructure for our people are fundamental to unlocking the human potential of India, which, to my mind, is limitless,” he said.
The PM called on the combined commanders’ conference to focus specifically on the challenges to the global commons such as space, the high seas and the cyberspace. “Our size, technological capabilities and standing as a responsible state contribute to our ability to engage in regional and global efforts to shape responses to existing and emerging challenges,” he said. He said the three military arms need to work towards togetherness.

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