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Our Bureau

New Delhi, Aug. 15

The Prime Minister, Dr Manmohan Singh, has called for a new wave of industrialisation to generate more employment, even as he stressed the need for the economy to grow at the rate of at least 10 per cent every year to ensure employment for all.

Addressing the nation from the ramparts of Red Fort on 62nd Independence Day, Dr Singh said that more investments in agriculture, manufacturing and infrastructure were needed for creating more employment.

“If industrial development has any adverse impact on some of our rural folk, we will ensure that there is reasonable compensation and proper rehabilitation. A new rehabilitation and resettlement policy has been formulated and we will seek Parliament’s approval for it,” Dr Singh said.

Stating that India, which for the first time in history has had four years of nearly 9 per cent economic growth, was among the world’s fastest growing economies, Dr Singh outlined the various measures that his Government had taken for achieving “inclusive” growth. The Prime Minister said that the UPA Government had given a “new deal to rural India” over the past four years.

He said that the Government had taken special measures to insulate poorer sections from the full impact of rising food and fuel prices. “Our Government has not raised the price of kerosene and fertilisers. We have not raised the issue price of wheat and rice under public distribution system. We are taking determined measures to bring prices under reasonable control. I have urged all chief ministers to improve and strengthen the PDS to ensure availability of essential commodities to the common man at reasonable prices.”

Dr Singh pointed out that the Reserve Bank of India was moderating the growth of money supply in the country so that inflation could be controlled.

However, he noted that “while making these efforts, we should avoid doing anything which hurts our growth.”

The Prime Minister also underscored the need to apply modern science and technology to find long-term solutions to the country’s energy problem. “Our crude oil and gas reserves are limited. We must find alternative energy sources. I would like our scientists and engineers to find ways in which we can make better use of solar energy, wind energy, bio-gas and other sources of energy,” Dr Singh said.

On the nuclear agreement, Dr Singh said that the agreement being negotiated with the developed countries would end India’s nuclear isolation.

“It will open up new opportunities for trade in dual-use high technologies and nuclear materials and equipment, opening up new pathways to accelerate industrialisation of our country. It will enable us to meet the needs of our farmers, our artisans, our traders and our industry,” he said.

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