Worried by the dwindling economic fortunes, India Prime Minister Manmohan Singh said that the government has embarked on 25-year plan to boost and sustain the country annual growth rate of eight per cent.
Singh made this known on Tuesday Kochi, India, while adressing Non-Resident Indians (NRI) and guests at the 11th Pravasi Bahratiya Divas (Indian Diaspora Convention 2013.
A correspondent of the News Agency of Nigeria (NAN) at the convention reports that the annual gatherinf is being attended by NRI and guests from various parts of the world.
The prime minister said India was not immuned from the major financial crises in the global economy in the last four years, as this had affected the average annual Gross Domestic Product (GDP) growth rate of the country.
The Prime Minister said "from an impressive average annual GDP growth rate of over eight per cent between 2004 and 2010, our growth declined to 6.5 per cent from 2011 to 2012, and may even fall below six per cent in the current year".
He, however, assured the NRIs that in spite of domestic constraints and challenges, the country was confident that its strong economic fundamentals backed by sound policies, would enable it return to a higher growth path in 2013 and the coming years.
Singh said it was imperative and urgent for India to create rapid growth and healthy economy to meet the aspirations of an increasingly young India population and make its economic development more inclusive and sustainable.
The Prime Minister, however, said to sustain its annual growth policy ambition, the country would require enormous resources, policy and instutution reforms, community participation and innovation-driven science and technology policies.
Singh urged the overseas Indian community to be a vital partner by participating in India's socio-economic development as the government was determined to turn setback into opportunities to boost a robost economic growth.
Speaking in the same vein, the Special Guest of Honour and President of Republic of Mauritius, Rajkeswur Purryag commended the initiatives of the Indian in Diaspora convention, saying it was a good home coming for the NRI because it serves as a period for stock-taking and projection for the future.
Earlier, Mr Vayalar Ravi, Minister of Overseas in India Affairs said the annual convention of India in the Diaspora was to generate ideas for mutually beneficial India Diaspora engagement.
He announced that the Indian Community Welfare Fund (ICWF) had been expanded to all the Indian Missions abroad to assist Indian nationals all over the world.
Highlights of the formal opening include the launching of commemorative stamp to mark the centenary year of the 'Ghadar Movement', when migrants from India who settled in Canada and USA rose in opposition to the British rule in India.
Nigeria's delegation to the convention is being led by Rep, Abike Dabiri-Erewa, Chairman, House of Representatives committee on Diaspora Affairs.
The convention is being attended by NRI from over 50 countries.