Mumbai: The Indian economy, with capability to face adversities, can grow at 10 per
cent annually to create wealth and tackle poverty, Union Finance Minister Jaswant
Singh said on January 11.
The economy has shown 5.9 to 6 per cent growth despite a worst drought this fiscal,
global slowdown, uncertain geopolitical climate flowing from Middle East and
standoff with the neighbour (Pakistan), Singh said after receiving a lifetime
achievement award at Rotary International conference here.
The price rise was under control with inflation in the range of three to four per
cent, foreign exchange (FOREX) reserves in excess of $ 71 billion and weekly FOREX
inflows in the region of $ 500 million, the Finance Minister said.
"Indian economy is on the move and with such a strong endowment, Indians should give
up the mentality of shortage, tendency for hesitation and timidity and grab growth
opportunities thrown up by the digital revolution," he said.
Economic security was fundamental to the well being of citizens and government's
priority was to "ensure food for poor and more money for the housewife", Singh said.
On the success of overseas Indians in creating wealth, he asked what inhibited them
from doing the same in India.
The continued policy of discouraging additional production and wealth creation for
decades had contained growth and creativity, Singh said.
The Finance Minister said the government had liberalised the overseas investment
norms and now resident Indians and mutual funds would be able to invest in
securities (shares and debt) of companies listed abroad.
"We should stop worrying about foreign domination on our economy and instead buy
stocks of listed companies abroad and make them worry about being taken over by
Indians," he quipped.
Referring to the strong Indian economic philosophy and emerging growth
opportunities, Singh said, "We should stop talking down India as great deal is going
for it."
Indian civilisation has always emphasised that wealth creation was the bounden duty
of the person and "we came to question this basic value only under the influence of
economic thought emerging from London School of Economics and Cambridge University",
he said.
PTI
