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India PM touts economic record ahead of elections

Published on NewsOK Modified: July 19, 2013 at 2:41 am •  Published: July 19, 2013
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Singh said economic growth had averaged well over 8 percent during the first eight years that his Congress party-led coalition had been in power, and there had been significant declines in poverty.

"I think this is a record that any government can be proud of," he said.

Singh also addressed concerns about the weakness of the Indian rupee, which fell to an all-time low of 61.21 against the U.S. dollar this month amid concerns about India's ballooning current account deficit.

Singh said his government was committed to reducing that deficit, which was 4.7 percent of the India's gross domestic product in the last fiscal year, but acknowledged it would take longer than the remainder of the government's current term.

The current account is a broad measure of trade and investment income balances with the rest of the world.