We will alter policies to accelerate growth: PM

Dec 15 2012, 14:34 IST
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The PM said global economy is passing through turbulent times and The PM said global economy is passing through turbulent times and "excessive pessimism" at home has hurt the country's growth process.
Summary'Naysayers and the cynics have tried to halt us in our tracks.'

industry) will soon usher in a more fair and transparent regime for land acquisition," Singh added.

He said some of the decisions government took were politically difficult and the "naysayers and the cynics have tried to halt us in our tracks".

"But we had the courage of our conviction and the interests of our people at heart," he said.

Referring to subsidies, Singh said last year the central government's fiscal deficit touched a high of 5.9 per cent of the GDP.

"This was clearly unsustainable," he said, adding, Finance Minister P Chidambaram has come out with a roadmap to reduce it to 5.3 per cent this year and to 3 per cent by 2016-17.

He said the government's action in correcting distortions in energy pricing, reducing diesel and LPG subsidies, was aimed to achieve this objective.

On recent decisions of cutting subsidies on diesel and LPG cylinders, Singh said subsidies on oil alone are more than what the government spends on health and education put together.

"We need to address these issues even as we ensure that the poor and the vulnerable are effectively protected," he said.

Singh said the government will do its best to promote Indian enterprise and ensure the well-being of all Indians, working classes and other segments of the society.

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