My government had a ‘reasonably good term’: PM

Prime Minister Manmohan Singh has said his government had a “reasonably good term” in office till now but rubbished the claim of Left parties that the Indian economy has escaped the raging financial crisis due to their policies.

“We have had a reasonably good term and I would not deny that over the last few months inflation had become a problem. Also, recently because of the global factors, the financial crisis is having some effect on our economy. Therefore, we are obliged to take corrective measures,” Singh said.

“To say that I am not worried would not be correct. It is my duty as Prime Minister to worry when things don’t go as planned,” the economist-turned politician told reporters when asked whether he was concerned about the economic crisis, months ahead of general elections.

Asked to comment on the view of the Left parties that India has largely escaped the effects of the global financial turmoil due to their policies, the Prime Minister said: “I am afraid I don’t agree.”

“Strengthening India’s banking system, strengthening India’s insurance system has enabled us to deal with the crisis more effectively,” he said.

“I beg to differ. But I am not very happy to part company with our left colleagues.

“In my view India is faced with difficult problems all parties which are committed to secularism and nationalism must work together to deal with communal and regional divide which is being sought to be created by some anti-social elements. There are issues which require all political parties which think alike to sit together and I very much hope we can find ways and means to work with our left colleagues,” Singh said.

Commenting on when the world would overcome the effects of the global financial meltdown, Singh said: “Well it all depends on how long it takes the world community to restore and confidence to the global financial markets.

“We are not in complete control. There are bigger players and we are victims of that. The crisis is not of our making. It is a crisis that originated in the US and Europe, the type of integrated world economy we live in we are not immune and I had mentioned in Parliament earlier this week on Monday and I repeated that same sentiment in Beijing (while attending the ASEM summit),” Singh added.


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