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Manmohan Singh says global economic downturn nearing its end | The Prime Minister, Dr. Manmohan Singh, on Tuesday said, that the global economic downturn
is coming to an end, though slowly. "We have been through a difficult year because
of the global economic downturn which is only now coming to end with a slow return
to normalcy in the months that lie ahead," Dr. Singh said in his opening remarks
chairing the meeting of the full Planning Commission, which is assessing the economy
and status of Integrated Energy Policy (IEP). Dr Singh also said the country has
also seen a poor monsoon. "I felt it would be useful for the Planning Commission
to present its assessment of the overall economic situation to the Minister Members
of the Commission," he said. He also reviewed India's energy policy. "Energy is
vital to our economic growth. This is an area where we are a deficit economy.
We import over 70 percent of our petroleum energy needs and are also moving to
a deficit position in coal," Dr Singh said. "Rational energy policies are also
critical for rational responses to the threat of climate change. This is a new
compulsion and we need to assess whether we are on track in critical aspects of
our energy policy," he added. He said each energy sub-sector in India was the
domain of a different ministry, which often meant non-symmetric policy stance.
In other words, the principles being adopted to determine policy in one sector
are not the same as in another. "The Integrated Energy Policy document that was
approved by the Cabinet in December 2008 contained a number of recommendations
covering different sub-sectors. I thought it would be useful for the Planning
Commission to present an assessment of how these recommendations have been implemented,"
he added. The Planning Commission's meeting comes a day after the country's top
economic minds agreed that India's economy is looking up after the Gross Domestic
Product (GDP) showed a 6.1 per cent growth. India witnessed a 7.8 percent economic
expansion during the corresponding period of the last fiscal. According to sources,
mining and electricity in industrial sector, and financing among services sector
posted higher growth of 7.9, 6.2 and 8.1 percent, respectively, in the first quarter
of this fiscal, against 4.6, 2.7 and 6.9 percent a year ago. Infrastructure development
and community services also managed to register a growth of 7.1 and 6.8 percent
against 8.4 and 8.2 percent, in the last fiscal. However, agriculture and manufacturing
industry expanded at a slower rate of 2.4 and 3.4 percent respectively.
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