By giving a shy of relief, Indian Prime Minister Manmohan Singh said that the Indian economy should regain its annual growth rate of 8 to 9 per cent due to start in recovery of the world economy from September. "I expect the world economy will recover at least partially by September this year.
And if that happens we can hope to go back to the growth rate of 8 to 9 per cent which has been the growth rate of India in last five years," Singh said.
Singh also added that the growth rate of the country was close to 7.1 per cent in the financial year ending March 31, while in the current fiscal it will be between 6.5 per cent to 7 per cent. He also said that the global economic crisis was caused due to ''mishandling of the financial system by the major developed countries''. ''From financial crisis, it became a credit crisis. It has affected a large number of developed countries,'' he said.
And if that happens we can hope to go back to the growth rate of 8 to 9 per cent which has been the growth rate of India in last five years," Singh said.
Singh also added that the growth rate of the country was close to 7.1 per cent in the financial year ending March 31, while in the current fiscal it will be between 6.5 per cent to 7 per cent. He also said that the global economic crisis was caused due to ''mishandling of the financial system by the major developed countries''. ''From financial crisis, it became a credit crisis. It has affected a large number of developed countries,'' he said.
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