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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: India new govt will focus on growth, help poor AFP - Friday, June 5 NEW DELHI (AFP) - - India's new Congress-led government promised Thursday to focus on spurring economic growth in its bid to meet a recent election pledge of turning voters' hopes "into change". ADVERTISEMENT Spelling out the government's goals for a second term in office after being swept back to power on promises to help the poor, India's president said the first aim would be to revive a slowing economy. President Pratibha Patil said it now had "the mandate and the opportunity to translate the hopes and aspirations of the people of India into change." But "our immediate priority must be to focus on management of the economy that will counter the effect of the global slowdown," she told a joint parliamentary session. The economy expanded by 6.7 percent in the fiscal year to March 2009, down from nine percent a year earlier, and the president said growth would diminish again this year. The central bank is targeting expansion of six percent. Patil said the drive to restore growth to at least nine percent, as seen before the financial crisis, would be accompanied by more public investment on overhauling dilapidated infrastructure -- seen as a key hurdle to expansion. Financing the investment would be "a critical constraint" because of the world credit crunch but the government was determined to make funds available in line with a "medium-term strategy of prudent fiscal management," she said. Economists saw the speech by Patil, whose role is largely ceremonial, as a signal of more government largesse despite a fiscal deficit at a seven-year peak of 6.2 percent of GDP. "It looks increasingly as though the July budget will encompass a further fiscal easing, leaving it up to stronger economic growth to reduce the soaring deficit," said HSBC economist Robert Prior-Wandesforde. Signalling a new thrust on reforms stalled during the government's previous five-year mandate, Patil also said the government would further open up the economy to overseas investment and begin stake sales in public sector firms. "Foreign direct investment needs to be encouraged," she said, without giving further details. The mention of reforms pushed India's benchmark Sensex index up nearly one percent to 15,008.68, its first close above 15,000 points since last September, analysts said. The Congress was returned to power last month with its biggest seat tally in 18 years. Economists called the mandate a "game changer" as it allows the party to rule without the support of the communists who opposed reforms during the last term. Stressing the government's commitment to raise living standards for the millions of poor who were key to the Congress victory, Patil pledged more low-cost housing, subsidised food and an overhaul of public food distribution, which suffers from wide corruption. She said the government would also expand its popular National Rural Employment Guarantee scheme. India's economic agenda is "not going to be cheap," said HSBC's Prior-Wandesforde. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: China's Economy China considering environmental tax: govtAFP - 1 hour 52 minutes ago Late OZ bid could scupper Chinese deal: reportsAFP - 2 hours 13 minutes ago Growth figures confirm S.Korea avoided recessionAFP - Friday, June 5 World Bank: 900 mln dollar aid package to PakistanAFP - Friday, June 5 Related Articles: Business Japan's Komatsu to make hybrid excavators in ChinaAFP - Wednesday, June 3 Saudi Saad woes deepen on downgrade, restructuringReuters - Wednesday, June 3 Indian bond yields ease to 1-wk lows on buybackReuters - Thursday, June 4 India Hot Stocks: Flawless Diamond extends gains post orderReuters - Wednesday, June 3 Japan Hot Stocks-M'bishi Heavy, glassmakers, ToshibaReuters - Wednesday, June 3 Enlarge Photo India new govt will focus on growth, help poor Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed US actor Carradine dead, suicide suspected: Thai police Black boxes may never be found: crash investigators World 'getting closer' to swine flu pandemic: WHO Pandemic warnings as swine flu spreads to Africa Life, health insurers invest big in tobacco View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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