Indian PM tells industrialists: 'keep faith' in economy

INDIA: India's premier on Wednesday said the country's economy could return to high growth rates as he urged the nation's top industrialists to "keep the faith".

Prime Minister Manmohan Singh promised the Confederation of Indian Industry more economic reforms on top of earlier steps to open up sectors including retail and aviation to foreign investment and ease India's infamous red tape.

The Congress-led government is accelerating implementation of long-stalled power, road, railway and other infrastructure projects to remove stumbling blocks to growth, Singh said.

"We grew at an average of about eight percent in the last 10 years and we can get there again," he said in a wide-ranging speech to business chiefs in New Delhi.

The current annual growth rate is five percent and the government is struggling to jumpstart the economy before it faces voters in 2014 polls.

It is also seeking to get the business community on side after its vocal criticism of years of policy paralysis and scandals.

Singh appealed to industrialists to "keep the faith and partner with government" to return India to stronger growth.

AFP