'Recession hit US economy; remedial measures needed'
India has to take remedial measures to avoid the adverse impact of the recession hit Amercian economy.
By PTI |
KOCHI: India has to take remedial measures to avoid the adverse impact of the recession hit Amercian economy in order to achieve the targetted growth rate of nine per cent or above, Union minister for Labour and Employment, Oscar Fernandes said on Sunday.
"The American economy is collapsing and it is going to be a big issue in their election. It is telling upon the world economy and will also affect India to some extent. We should think of remedial mesures to meet the contingency and yet keep to our target growth rate of nine per cent or above. If we can put in more hard work we can even reach the double digit of 10 per cent'.
Efforts should be taken to see that India becomes a producer country and not a trading country, he said, speaking after inaugurating the annual lecture of the annual Change Management lecture series here.
Stating that India was poised to achieve a very high growth rate, he said it had already crossed 8.5 per cent. "Our target is somewhere between 9 and 9.5 per cent. We may surpass even that".
Regretting that there was a dearth of researchers in India, as compared to China, he said Beijing was producing 10 doctorate holders to every one India produced. "In future if we do not take up the challenge to go in for research, China is going to occupy all top positions', he said.
"The American economy is collapsing and it is going to be a big issue in their election. It is telling upon the world economy and will also affect India to some extent. We should think of remedial mesures to meet the contingency and yet keep to our target growth rate of nine per cent or above. If we can put in more hard work we can even reach the double digit of 10 per cent'.
Efforts should be taken to see that India becomes a producer country and not a trading country, he said, speaking after inaugurating the annual lecture of the annual Change Management lecture series here.
Stating that India was poised to achieve a very high growth rate, he said it had already crossed 8.5 per cent. "Our target is somewhere between 9 and 9.5 per cent. We may surpass even that".
Regretting that there was a dearth of researchers in India, as compared to China, he said Beijing was producing 10 doctorate holders to every one India produced. "In future if we do not take up the challenge to go in for research, China is going to occupy all top positions', he said.
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