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PM says country has weathered global slowdown better than others |
The Prime Minister, Dr. Manmohan Singh, has said the Indian economy has weathered the global
slowdown better than other economies. He said this while addressing a function
to mark the presentation of MOU Awards and Certificates to public sector undertakings
(PSUs) for the years 2006-7 and 2007-08 here last evening. SCOPE (Standing Committee
on Public Enterprises) Awards for Excellence and Outstanding Contribution to Public
Sector Management were also presented by the Prime Minister on the occasion. Dr.
Singh said that the global economic slowdown has shown some signs of moderating.
He also mentioned that India has endured and countered the slow down better. "India
has weathered the slow down better than most other countries. Ours today happens
to be second fastest economy in the world. This is a reflection in large measures
of the strength of the Indian economy," he added. He applauded the performance
of public sector enterprises in facing local and global competition. In the post
reform period, 1990-91 to 2007-08, turnover of public sector enterprises increased
nine times and their cumulative net profits grew more than 35 times. "However,
he said, individually some enterprises didn't fare well during the period, but
India is confident about the ability of its public sector. "Though some of them
have not done so well in this period. We have reasons to be confident about the
ability of India's public sector to operate in an increasingly open environment
and thereby face the challenge of increased competition," he added. He also mentioned
that many state-run Indian firms are eager to list their shares on the stock market
and it was good for them to do so, a sign that more stake sales were likely in
coming months. The Government analysts have expressed hopes the economy to expand
by at least 6.3 per cent in 2009-10 as compared with 6.7 per cent last year and
9 per cent or more in between 2005-06 and 2007-08. The government would grant
more autonomy to state-run firms and allow them to raise capital so that they
could expand operations faster, the Prime Minister said. In July, a government
report had forecast that up to 250 billion rupees per annum could be raised from
stake sales. Among the PSUs presented with the coveted awards by the Prime Minister
were the Hindustan Aeronautics Limited (HAL), the National Building Construction
Corporation Limited (NPCC), the Electronics Corporation of India (ECIL), the Bharat
Heavy Electricals Limited (BHEL), the Power Grid Corporation of India, the Bharat
Earth Movers Limited (BEML), the Engineers India Limited (EIL), the Bharat Electronics
Limited (BEL), the Steel Authority of India Limited (SAIL), the Oil & Natural
Gas Corporation (ONGC) and the Rural Electrification Corporation Limited (REC). |
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