The Indian Prime Minister Manmohan Singh said savings and investment rates are likely to rise further. He also added that, he has reason to believe that they will rise further by another 5 percent in years ahead.

He said savings and investment rates are about 32 percent and 34 percent of gross domestic product respectively.

Stating that his government is committed to maintaining the economic growth, he said, the government is doing everything to maintain that the there will be ample skilled labours.

Talking about Indian economy, he said, the economy did not face any major external constraints on growth and that both political and economic world scenario are conducive for India’s growth.

He further added that, for the first time Indian economy has recorded over eight per cent growth for three consecutive years. Last year, the economy grew at over nine per cent. Many analysts believe that Indian economy has moved on to a new high growth trajectory.

Though, he expressed concerns about high energy prices and the uncertainty in the oil sector. He even said, India is equally concerned about terrorism and its threats to peace and stability of the world.

However, expressing need for more and more banks and reforms in the financial sector, he said, resources should be mobilized and utilized efficiently for the growth of economy.

He went on to say that the rapid growth India is witnessing generates the resources needed for social spending without causing fiscal stress. Expressing satisfaction on the sectoral growth, he said that both manufacturing and services sectors are showing dynamism.

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