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Fundamentals of Indian economy strong: PM
"India's external debt is only 21.2% of GDP and short-term debt stands at 5.2% of GDP. Our forex reserves stand at over US$270 billion, and are more than sufficient to meet India's external financing requirements," he said
In order to restore growth, the Prime Minister told the business leaders that the Government has implemented a series of reform measures over the last year.
"We have established a special mechanism to speed up implementation of large projects, especially in the infrastructure sectors. Several decisions have been taken to remove impediments in the way of important projects," PM Manmohan Singh said.
"The results of our efforts will be visible in the second half of the year. We expect stronger growth in 2013-14 than in 2012-13. The second half of the year should see a distinct turnaround, partly because of the good monsoon and partly because of the steps we have taken.
We will contain the fiscal deficit to 4.8% this year. We are also confident of achieving our medium term objective of reducing the Current Account Deficit to 2.5% of our GDP. At the same time, we will make every effort to maintain a macro-economic framework friendly to foreign capital inflows to enable orderly financing of the Current Account Deficit"
He also observed that many U.S. companies have adapted to India, offering products and services that are competitive and innovative, have done very well.
"I hope you recognize the longer term opportunities that lie ahead. For example, we intend to invest more than a trillion dollars in the next five years in the infrastructure sector. The defence sector is another attractive area, because we will place priority on domestic procurement and encourage our private sector in this area," he observed
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