Prime Minister Manmohan Singh has said the country’s economy is even now capable of growing by 8-9 percent, the same rate as it did before the global financial meltdown set in.
“Since our savings rate is as high as 35 per cent…if all work together, we can achieve a growth rate of 8 to 9 per cent, even if the world economy does not improve,” he said while winding up the debate on Motion of Thanks to the President’s address to joint sitting of Parliament on Tuesday.
The global crisis, Singh said, had affected India’s economic growth that slipped from 9 percent to around 7 percent in the previous fiscal.
The fall in growth is mainly due to dip in investments, which are key to economic expansion.
