NEW DELHI (AP) — India's prime minister laid out arguments for his party's re-election Friday, touting the government's economic record and promising to leave "no stone unturned" to spark a rebound for an economy that is now stumbling.
Manmohan Singh's address to one of the country's top industry groups shows his Congress party shifting into campaign mode for elections slated for 2014. It also comes as India deals with a plunging rupee, slowing overall growth and high current account deficit. This week, ArcelorMittal and South Korea's Posco scrapped multibillion dollar plans for steel plants in India because of long delays in acquiring land and other problems.
He said Asia's third-biggest economy would likely undershoot its 6.5 percent growth target for the fiscal year that ends in March and the government would unveil a slew of reforms to boost economic activity, but gave no specifics.
"When things are going well, government should interfere as little as possible. When things are going bad as they seem to be at present, it is the responsibility of the government to become more proactive," Singh told The Associated Chambers of Commerce and Industry of India.