New Delhi: Prime Minister Manmohan Singh made a poll pitch to the industry and said that all regulatory hurdles will be removed. Manmohan inaugurated the two-day annual general meeting of the Confederation of Indian Industry (CII) on Wednesday and asked corporate India to reflect on their social roles more carefully. "We will do everything to ensure that inflows remain strong for the next two years. It's important to ensure that financial strength is there to support investment instead of being absorbed by the government deficit."
Manmohan also promised decisive government action to ensure reform and restore eight per cent growth. "We can act forcefully to remove the many domestic constraints that have arisen to get the economy to perform at full potential.
While admitting that the government's decision making had slowed down, Manmohan said there is need for corrective steps to spur growth, reduce fiscal deficit so that the decline in investments is reversed.
The Prime Minister while admitting that corruption and bureaucratic inertia are plaguing the UPA, he said that running a coalition government is not easy. But he also said these problems existed even when the economy was growing at eight per cent. "Corruption is a problem. Managing a coalition government is not easy," said Manmohan.
Describing the business sentiment as unduly pessimistic, Manmohan said that the government and the industry have to work together to push growth. He also promised steps to speed up infrastructure projects.