Date:04/01/2009 URL: http://www.thehindu.com/2009/01/04/stories/2009010456870100.htm

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“Next fiscal could be more difficult”

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 situation during the next financial year could be “more difficult.”

“We are facing a new challenge due to the global 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 at the North Eastern Hill University, however, maintained that India would be able to achieve a growth rate of close to seven per cent this fiscal. He expessed confidence that the new stimulus package would help the country tide over the slowdown.