Downturn is temporary: PM

New Delhi, April 3 (IANS) It was disappointing that growth had slowed down to five percent but this was temporary and the government was taking corrective measures to get back to eight percent growth, Prime Minister Manmohan Singh said Wednesday.

Addressing the annual meeting of the Confederation of Indian Industry (CII), the prime minister said government and business had to be partners in writing the story of development.

“We are seeing a temporary downturn which does happen. We must recognise it as such and take corrective action. I do not believe our future is five percent growth. We grew at an average of about eight percent in the last 10 years and we can get there again,” he said.

He said consensus today was that unless the government acts swiftly, growth that was already decelerated, would be perennially stuck at five percent.

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