PM says growth slump `a temporary downturn`

PM says growth slump 'a temporary downturn'

Last Updated: Wed, Apr 03, 2013 05:50 hrs
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New Delhi: The Indian economy is facing a temporary downturn, and average rates of economic growth above 8 percent are possible in the medium term, Prime Minister Manmohan Singh told a gathering of the nation's top businessmen on Wednesday.

India's economy, hit by the global slowdown and stubbornly high inflation, probably grew around 5 percent in the financial year ended on March 31, the slowest pace in a decade and a far cry from a near double-digit growth seen in the early 2000s.

The government is hopeful of a better performance in the new fiscal year and has pegged the annual economic growth to be as high as 6.7 percent.

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