Expressing confidence that Indian economy will recover soon, Prime Minister Manmohan Singh said that economic situation is turning around and the GDP growth is likely to exceed 6 percent in FY14. Speaking on the fourth anniversary celebrations of UPA-II government, Singh said that the country's macroeconomic indicators are improving with inflation regularly coming down and fiscal deficit under control. Talking about the current account deficit which is high, he said that it will come down gradually.
By adding further, Prime Minister said that lowest growth in the FY13 was attributed to the global economic crises. However, the FY14 would be better than previous financial year and growth could exceed over 6 percent and will set the stage for returning to 8 percent growth in the current Five Year Plan period ending March 31, 2017, he added.
Referring to the agricultural growth, Manmohan Singh said that agricultural growth was critical for rural prosperity and the government was targeting 4 percent growth in the sector and is attempting to increase foodgrain production as well as diversifying agriculture. Further he said that to boost the economy’s growth, the Government has also introduced the Land Acquisition and Rehabilitation Act to replace the old and highly unfair colonial legislation. The new Act will be much fairer to those whose land is acquired.
