"It is insensitive to say we can't live in the past. We have made changes but the basic thrust of our economic policy remains self-reliance and progress towards a humane society with efforts to steer the economic growth on high growth path of seven per cent," he said in the Lok Sabha.
He said he was happy that inflation had been controlled at below five per cent despite sharp increase in global prices of petroleum products and drought.
The economy has clocked a growth rate of seven per cent and the government feels that it would continue at this rate.
Noting that his government was proceeding on the basis of the mandate, which found distress of the aam aadmi (common man), Singh said generation of employment and removal of poverty were cornerstones of the economic policy. He said there was a clear revival of investment and a growing confidence on the Indian economy for the future.
Observing that the area of concern was high levels of fiscal and revenue deficits of states and the Centre, the Prime Minister called for a evolving a national political consensus to deal with the "national fiscal problem".
