The Straits Times
Published on Nov 11, 2012

Indian PM sees end of economic 'gloom and doom'


MUMBAI (AFP) - Indian Prime Minister Manmohan Singh has said the economic "gloom and doom" clouding the country in recent years has been dispelled and that he is determined to push ahead with further reforms.

In a speech on Saturday evening in Mumbai, Dr Singh said that in 2006, 10 per cent annual growth looked "eminently achievable" and "the sense of optimism was all pervading".

But he admitted that since then, Indian exports have shrunk and the fiscal deficit has gone up.

"Growth decelerated to 6.5 per cent last year and may be only around six per cent in the current year," he said. "This has dampened investor sentiment.