Date:04/01/2009 URL: http://www.thehindu.com/2009/01/04/stories/2009010450190100.htm

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Next fiscal could be more difficult: Manmohan

P. Sunderarajan

SHILLONG: Prime Minister Manmohan Singh on Saturday expressed concern over the effects of the global slowdown on the Indian economy, and said the economic situation during the next financial year could be “more difficult.”

“We are facing a new challenge due to the global [economic] meltdown. The next fiscal could be more difficult,” Dr. Singh said, a day after the government announced an economic stimulus package.

The Prime Minister, who was here to inaugurate the 96th session of the Indian Science Congress, however, maintained that India would be able to achieve a growth rate of close to 7 per cent this fiscal. He expessed confidence that the new stimulus package would help tide over the slowdown.

“We need to minimise the impact [of the meltdown]. New [stimulus] packages have been announced, which will help us in stemming the adverse effects of the slowdown,” the Prime Minister said.