New Delhi: In one of his most uninspiring speeches, Prime Minister Manmohan Singh on Wednesday admitted that low growth and inflation posed a major challenge and also offered little cheer when he said a bad monsoon would pose difficulty in curbing inflation. He conceded that his government had been unable to create a conducive environment for growth because of lack of political consensus. Singh also did not mention Pakistan even once in his 35 minute long speech.
In his Independence Day speech, the Prime Minister said the country's economic growth has been affected due to global slowdown and problems within the country.
"Last year our GDP grew by 6.5 per cent. This year we hope to do a little better," he said. The country's GDP growth fell to a nine-year low in 2011-12.
Emphasising that inflation must be controlled, Singh said bad monsoon would play a spoil-sport. "...we must control inflation. This would pose some difficulty because of a bad monsoon this year," he said.
In the backdrop of civil society agitations on the issue of corruption, the Prime Minister had no new initiative to offer beyond the existing Lokpal Bill. He also gave no Independence Day gift to ex-servicemen as there was no announcement on one rank one pension.
He also said that India will have to create confidence among foreign investors that there are no barriers for them to invest in the country.
His statement comes against the backdrop of certain sections of foreign investors expressing concerns over the government moves such as retrospective amendments to the Income-Tax laws and the General Anti-Avoidance Rules (GAAR).
On the security issue, he said the recent blasts in Pune were a reminder that more needed to be done to improve internal security although success has been witnessed on this front in many areas.
In his address to the nation on 66th Independence Day, he said Naxalism was still a serious problem and that schemes have been initiated in areas affected by the menace.
On a rare positive announcement in his address, he said India will send a mission to the Red Planet that will mark a huge step in the area of science and technology.
During his 35-minute speech in Hindi, Singh made a host of announcements in social sector like expanding the national health scheme and electrification, undertaking skill development and assessment of teachers.
The 79-year-old economist Prime Minister also sought to encourage foreign investors, who have been apprehensive after certain recent taxation decisions, that there would be "no barriers" to investment in India.
He referred to violence in Assam and promised that the causes would be looked into and steps taken to ensure that such incidents are not repeated anywhere else.
Following are the highlights of Prime Minister Manmohan Singh's Independence Day speech:
- Prime Minister seeks help of political parties in passing Lokpal Bill in the Rajya Sabha.
- Lack of political consensus hampering economic growth
- PM hopes economic growth to be a little better this year than 6.5 per cent last fiscal.
- Government to continue efforts to bring more transparency in work of public servants and to reduce corruption
- India to launch a spaceship to explore planet Mars
- Scheme being formulated for distribution of free medicines through government hospitals and health centres.
- Electricity for every household in the country in the next five years
- Bad monsoon poses difficulty in controlling inflation
- Housing Loan Scheme soon for relief on interest in loans upto Rs 5 lakh for economically weaker sections
- Assam violence very unfortunate and efforts to be made to understand reasons behind
- Pune incident points to need for much more work in the area of national security
- To attract foreign capital, PM promises to create confidence that there are no barriers to investment in India
- Defence forces ready to meet any challenge
- Prompt action on recommendations over defence forces' pay and pension issues
- Government considering law to end manual scavenging practice
- Mechanism to assess teachers soon
(With additional inputs from PTI)
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