Economy to bounce back to 8 per cent rate by 2015-16: PM

Prime Minister Manmohan Singh on Friday defended his government's reformist measures, saying it is determined to give a push to the economy.

Rejecting the Opposition's charges of mishandling the situation, Singh struck an optimistic note and said the country will bounce back to the growth rate of 7 to 8 per cent in next two to three years.

Replying to the debate in Rajya Sabha on Motion of Thanks to President's Address, Singh tore into BJP's claim that NDA government had performed better and cited figures in various sectors to show the country had grown much faster during the nine years of UPA rule.

"I agree to Leader of Opposition Arun Jaitley saying that country needs a growth of 7-8 per cent to get rid of poverty. I would like to remind this house that this is precisely the intention of the UPA government," Singh said.

Sharing members' concern over the slowdown of economy during the current financial year, the Prime Minister said: "As the finance minister said, we do not believe growth rate will stay where it is today. We will use all our policies to push up growth rate. We hope and it is our confidence that in two to three years economy will bounce back to high growth of 7 to 8 per cent."

Further attacking the opposition, Singh said: "When men are full of envy they disparage everything, whether it be good or bad."

Referring to the growth rate during the Bharatiya Janata Party (BJP) led National Democratic Alliance (NDA) government in 1998-2004, he said: "Growth rate in the country has been highest since the UPA came to power and it is only in 2012-13 that growth rate will be 5 per cent."

He said the government was doing everything possible for farmers and growth in agriculture had increased during the last few years.

"We are confident that the growth will bounce back with our efforts to 7 to 8 per cent. If leader of opposition, colleagues reflect calmly they will conclude that the path we have chosen is the right path," Singh said.

With inputs from agencies