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In spite of the worldwide economic disaster, the Indian financial system saw a healthy rate of growth of 8.6% during the last financial year (2010-11).
Prime Minister Manmohan Singh made this declaration.
In the report card of the UPA government for 2010-11, the Prime Minister stated, "From 2004-05 to 2010-11, our economy has enjoyed an unprecedented 8.5 per cent growth, despite the fact that this was a period of the global financial crisis. The crisis saw the growth dip to 6.8 per cent in 2008-09 but the economy rebounded with a robust growth of 8.6 per cent in 2010-11."
"This was composed of 5.4 per cent growth in agriculture, 8.1 per cent in industries and 9.6 per cent in services. The performance in agriculture has been particularly satisfying with our farmers producing more that 235 million tonnes of foodgrains, the highest since Independence," Dr. Singh said.
PM stated that the country was broadly witnessed as a country poised to commence a sustained high growth path of the type attained by a handful of nations in the past.
"We are determined to deliver on this promise so that India moves rapidly into the ranks of middle income countries, free of the burden of poverty, ignorance and disease that has held us down for so long," Dr Singh said.
The PM said that the administration was strongly concentrated on making the growth procedure socially wide-ranging and regionally fair.
"We will endeavour to remove social iniquities and social inequalities that exist in our country," he said.
Pointing out the different steps taken by the administration in this way, the Prime Minister said that they have enhanced support rates for agriculturists and invested in rustic infrastructure comprising rustic roads, housing, electricity and sanitation.
"We had earlier implemented the Right to Information and the Right to Rural Employment. In the year 2010-11, we moved further in this direction by operationalising the Right To Education. We now propose to introduce a legislation giving our citizens the Right To Food."