No effort will be spared to neutralise impact of meltdown: PM

No effort will be spared to neutralise impact of meltdown: PM
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First Published: Fri, Nov 21 2008. 12 47 PM IST
Updated: Fri, Nov 21 2008. 12 47 PM IST
PTI
New Delhi: Seeking to allay concerns about slowdown in the country in view of global meltdown, Prime Minister Manmohan Singh today said no effort would be spared to “neutralise” to the “maximum” its adverse impact on India and asserted that the economy would grow at 8%.
Assuring that the country had the resilience to cope with the present global financial meltdown, he cited the economic crisis of 1991 and said the situation was “more” serious but was overcome efficiently.
“No instruments of public policy will be spared. We will use fiscal, monetary, public investment and exchange rate” to tackle the current crisis, he said, addressing the Hindustan Times Leadership Summit here.
Noting that the world is in the midst of a “deep crisis” and going through “choppy waters”, Singh said, “in a globalised world we cannot pretend that we will not be affected by the crisis that has not been created here but somewhere else.
“But I assure that despite the international environment, we have the capacity and ability to sustain the growth rate of about eight per cent and will do so,” the economist-Prime Minister said.
He said the government is fully committed to ensuring that the country’s industry “sails and sails, not in the choppy waters but moves ahead with speed.”
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First Published: Fri, Nov 21 2008. 12 47 PM IST