MUSCAT: Admitting that the Indian economy growth this year could be slow due to the current global financial crisis, Prime Minister Manmohan Singh has averred that there was nothing to worry.
“However, we still hope to achieve a growth rate of seven to seven and a half per cent next year. The fundamentals of the Indian economy are very strong. Our banking system and financial institutions are well capitalized and their depositors are wholly secure,” Dr Singh said speaking at Oman.
“I have constituted a high level committee to monitor the evolving global situation and suggest short-term and long-term measure to use this opportunity to further accelerate our growth,” he told the NRI community at a reception. “I hope that you will continue to display the same confidence in the future and invest in the future of our children and grand children,” he said.
There are over 130 companies from India who are currently engaged in Oman. Several Omani companies are engaged in business in India. We will continue to encourage a much greater flow of investment into each other’s countries.
The Prime Minister said; “The Government of India is constantly alive to the welfare of the Non-Resident Indian community. Yesterday, a Memorandum of Understanding was signed between India and Oman on Labour Mobility, Protection and Welfare of workers. This important initiative will provide a framework for strengthening cooperation between our two countries in the field of human resource development.”