New Delhi:
With elections due by May, the Prime Minister today promised India Inc that his government will "leave no stone unturned to ensure that the economy rebounds" but admitted that growth will be slower than the previously expected 6.5 per cent for this financial year.
As industry grapples with concerns about the economic slowdown and sliding rupee, the Prime Minister emphasised that his coalition "has a record any government would be proud of." For those who disagree, he offered this combative rebuttal. "Our political critics focus on the experience of one bad year. This makes for good television but it's a very distorted picture." (
Read full text of PM's speech to India Inc)
The PM admitted that India is going through a difficult period, but urged industry captains to stay the course and not give in to negative sentiments. "When things are going well, government should interfere as little as possible. When things go badly, it is the responsibility of the government to become pro-active."
The PM's comments come at a time when the Indian rupee has hit an all-time low and is the worst performing currency in Asia. The forex volatility is due to global markets, he said, adding that India was affected more because of high current account deficit.
The BJP was not impressed, especially with the PM's assertion that his government has out-performed the National Democratic Alliance or NDA, the coalition that was led by the BJP and voted out in 2004.
"The average growth in eight years of UPA was 8.2%, but during the NDA regime, it was 5.7%," the PM pointed out.
BJP leader Yashwant Sinha immediately reacted, "It is the usual trick of intellectually dishonest people to dress up figures. So the PM is not taking of 5% growth rate last year but an average over the last few years."