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PM: Growth rate set to exceed 9 per cent

New Delhi, March 8
Prime Minister Manmohan Singh said today the economy was expected to grow by over nine per cent during 2006-07.

“This year the growth rate will probably exceed nine per cent,” Singh said replying to the marathon debate on the motion of thanks to the President’s address in Lok Sabha.

Emphasising the need for growth, he said, “We need to pursue a purposeful strategy so that the growth benefits every one.”

The Prime Minister said investment rates have gone up by 34 per cent of GDP while the savings rate has risen to 32 per cent of GDP.

Singh asserted during the last three years the UPA government had taken several initiatives for alleviating poverty and set in motion an inclusive growth process.

“If we remain steadfast in this inclusive growth, we will be able to be make an impact on problems of poverty and unemployment,” he said.

Apparently referring to the controversy over farmland acquisition in Singur in West Bengal to set up a Tata Motors factory, Singh said the process of industrialisation leading to loss of land had led to certain “undesired consequences”.

“Those concerns have to be taken on board,” he said.

The Prime Minister said during the last three years the economy grew by about 8.3 per cent. The problem of poverty could be addressed within the framework of a rapidly expanding economy, he said adding his government was satisfied that it had set in motion various initiatives in this regard in the past three years.

The Prime Minister said the government would call a meeting of the National Development Council especially to focus on the problem of agriculture and to devise ways to revitalise the rural economy. He said creation of jobs was a priority area of the government while pursuing industrialisation. — PTI

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Sensex gains 469 points
Tribune News Service

Mumbai, March 8
Riding on the back of buying across-the-board, the Sensex today staged a strong comeback to settle above 13,000-points level with a gain of 469.60 points, its biggest one-day rise in nine months. It closed at 13,049.35 after touching session's high of 13,099.83.

The index had a long losing streak from its peak on February 9, and lost over 2,400 points. Much of today's upward swing was the result of the news about IPCL being merged with Reliance Industries Ltd.

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