Tags : economy, india, india, economic growth, manmohan singh
Posted: Wednesday, Oct 22, 2008 at 1054 hrs IST Tokyo, October 22: :
PM said India is relatively less affected by global crisis as the banks are well capitalised.
India will achieve a GDP growth rate of 7.5 per cent to 8 per cent this year despite the current global economic turmoil, which has only partially affected the country, Prime Minister Manmohan Singh has said.
"India is relatively less affected" by the global financial crisis as "our banks are well capitalised," Singh has told major Japanese newspapers in New Delhi ahead of his ongoing three-day official visit to Japan.
"The country will be able to grow by 7.5 per cent to 8 per cent," Singh was quoted as saying by 'Ashahi' newspaper.
Backing Japan's push for broadening the frame of financing the International Monetary Fund to overcome the global economic turmoil, he said: "if the reinforcement of IMF is necessary, India will willingly cooperate," the report said.
Responding to Japanese media's questions on the proposed Comprehensive Economic Partnership Agreement (ECPA), Singh acknowledged that since differences existed between the two sides, it may not be possible for them to clinch a deal during his current visit.
However, the Prime Minister said he was hopeful that the ambitious CEPA could be finalised by the end of the year, another leading Japanese daily, 'Yomiuri Shimbon' reported.
India and Japan had started negotiations on the CEPA in January 2007 and have held several rounds, even on the eve of Singh's visit here. The two sides, however, are yet to reach an agreement on issues like simplification of the approval procedure in Japan of generic drug which India exports and Japanese demand for concessions on its exports of automobile parts to India, the reports said.
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