On board Air India One, July 11 - Sounding a note of caution that the international environment was not gong to be supportive in the current phase of global economic crisis, Prime Minister Manmohan Singh said that he is confident that India will be able to sustain its 8-10 percent growth rate to come out of the crisis.
'I return home convinced that we must continue to strengthen our steps at home to regain the 8-10 percent growth path. The international environment will not be as supportive as before for some time to come. I am however, confident that our domestic economic strengths will enable us to return to our earlier path of rapid and inclusive growth,' the prime minister told the media Saturday while returning from the G8-G5 summit in the quake-hit city of L'Aquila in central Italy.
'These meetings took place when the world is attempting a recovery from the recession caused by the financial crisis in the heart of the developed world. After our discussions, it is my sense that while there are some signs of recovery, the world economy is still a long way from recovering the earlier growth momentum and there must be questions whether that will soon be possible for the global economy,' he said.
Referring to the discussions at the G8-G5 summit in L'Aquila, Manmohan Singh said: 'We also discussed other global issues such as climate change, sustainable development and the elimination of hunger through food security. On trade, the dangers of protectionism were highlighted.
'It is clear to me that meaningful global action on all these issues requires a restructuring of the institutions of global governance, starting with the UN Security Council. The sentiment has been recognised in the declarations of our meetings.