Infrastructure spend necessary for development: PM
Prime Minister Dr Manmohan Singh has said that spending on infrastructure projects is essential for augmenting the nation’s development process. "In the present situation there is considerable scope to increase public expenditure, particularly on infrastructure projects and that would not lead to inflation, that would only add to our development growth potential," he stated during his reply to the debate on the President’s address in the Lok Sabha. Dr Singh also reckoned that it was the right way to deal with international slowdown that has affected many countries in the world.
While acknowledging that India isn’t insulated from global economic turmoils, the PM expressed his confidence in achieveing ‘a growth rate of 8 to 9 per cent even if the world economy does not do well’. "The ambition that our Government has is that notwithstanding developments in the global economy, our country must have the resilience to so manage its affairs that it grows at the annual rate of 8 to 9 per cent," he said.