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Apr 03, 2013 at 11:18am IST

Growth slump 'a temporary downturn', says PM Manmohan Singh

New Delhi: The Indian economy is facing a temporary downturn, and average rates of economic growth above 8 per cent are possible in the medium term, Prime Minister Manmohan Singh told a gathering of the nation's top businessmen on Wednesday.

India's economy, hit by the global slowdown and stubbornly high inflation, probably grew around 5 per cent in the financial year ended on March 31, the slowest pace in a decade and a far cry from a near double-digit growth seen in the early 2000s.

The government is hopeful of a better performance in the new fiscal year and has pegged the annual economic growth to be as high as 6.7 per cent.

Growth slump 'a temporary downturn', says Manmohan Singh

India's economy grew around 5 per cent in the financial year ended on March 31, the slowest pace in a decade.

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