PM Singh tells business leaders he’ll cut red tape to jump start economy, SHOTLIST
New Delhi – 3 April 2013
1. Wide of Indian Prime Minister Manmohan Singh at a meeting of business leaders
2. Mid of Singh
3. Wide of audience at the meeting
4. Wide of Singh addressing business leaders
5. SOUNDBITE (English) Manmohan Singh, Prime Minister of India:
“There are indeed many deficiencies. Corruption is a problem. Bureaucratic inertia is a problem. Managing coalitions is not easy. But these problems have not arisen suddenly. They were there even earlier, when the economy was growing at eight percent per annum. We can in my view get back to eight percent growth even as we try to make the longer-term changes in our system to deal with these problems.”
FILE: New Delhi – 18 September 2012
6. Close of a sign, reading “Carrefour”
7. Wide of Carrefour Wholesale Cash and Carry outlet in Delhi
8. Various of a market and people shopping
New Delhi – 3 April 2013
9. SOUNDBITE (English) Manmohan Singh, Prime Minister of India:
“We must welcome foreign investors coming to India, and using India as a part of their global supply chain. The liberalisation of Foreign Direct Investment in multi-brand retail, civil aviation and other areas, are important signals. We are reviewing the Foreign Direct Investment policy comprehensively to see what more can be done.”
10. Wide of audience
11. Wide of Singh shaking hands with business leaders
STORYLINE
Prime Minister Manmohan Singh appealed to Indian business leaders on Wednesday to help return the country to a path of high economic growth, while promising in return to cut the red tape hampering investment.
Just a few years ago, India was seen as a rising economic power approaching 10 percent growth but that rate has drastically fallen in recent years.
Growth was 5.5 percent in the last quarter.
Singh told a meeting of top business leaders that such growth was a disappointment but said he was optimistic the economy could be jump-started.
Singh’s speech was viewed as an attempt to woo Indian industry ahead of 2014 elections after they complained about the slow pace of economic reforms in recent years.
He acknowledged that government decision-making had slowed down and said often this was on account of hesitation on the part of officials to make critical decisions.
“Corruption is a problem. Bureaucratic inertia is a problem. Managing coalitions is not easy. But these problems have not arisen suddenly. They were there even earlier, when the economy was growing at eight percent per annum,” Singh said.
“We can in my view get back to eight percent growth even as we try to make the longer-term changes in our system to deal with these problems,” he added.
He said the government would help by easing regulations and granting faster clearances.
Singh said in the coming months his government would act to remove hurdles to investment and boost basic infrastructure such as ensuring power supplies and roads.
Steps taken by the government, including liberalisation of foreign investment in retail, aviation, broadcasting and insurance, should help return the economy to a higher growth trajectory, Singh said.
He also appealed to foreign investors to come to India.
“We must welcome foreign investors coming to India, and using India as a part of their global supply chain,” Singh said.
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