India's PM Wants to Reverse Sharp Slowdown of Domestic Economy

India's Prime Minister Manmohan Singh says that his government's first priority is to reverse the economy's sharp slowdown.

 

"We cannot change the global economy, but we can do something about the domestic constraints which have contributed to the slowdown," says Singh.

 

Singh says the the National Development Council's forecast of 8% average growth for the next five years is an ""ambitious target," considering 2012's growth of less than 6%.

 

He said issues that need to be immediately addressed include problems in the implementation of large projects, especially in the power sector, which are stuck because of delays in getting approvals and in agreeing on fuel supplies.

 

The government forecast that economic growth would drop to its slowest pace in a decade in this fiscal year through March 2013. The local economy is expected to expand 5.7%-5.9% in the fiscal year through March.

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