While speaking at the golden jubilee celebrations of the Institute of Economic Growth on 15 December 2007, Prime Minister Manmohan Singh expressing concern over rising subsidies as they are not achieving the objectives of reducing inequities or establishing efficiency.The Prime Minister called for more rational solutions to deal with the problems of regional imbalance and inequities in growth.
Stressing the need for renewed commitment to reforms, Singh expressed hope that India would be able to catch up with South-East Asia and East Asia by implementing the strategy incorporated in the Eleventh Five-year Plan.
The minister pointed out the need to accelerate investments and savings rate to sustain the growth momentum by rapid expansion of labour-intensive manufacturing industries. He also highlighted the need for new ways to increase agriculture output and productivity.
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