India has been less affected than many other countries by the global economic slowdown stated Defence Minister Rajnath Singh. Addressing to an event in Delhi's Ramlila Maidan organized by the Confederation of All India Traders (CAIT) he claimed that this is the first time in independent India that inflation has been contained to a figure lower than the growth rate. Considering which he said, "So far as the economy is concerned, some people say that the growth rate has declined.
But the truth is the downturn has affected most of the countries, even the developed ones, which are reeling under its impact. If we look at the past, this has happened before during Vajyapee's government and even Manmohan Singh's government. But it was Vajpayee who successfully turned around the economy and brought the country out of the recession. There are forces within the country that give us the strength to face the problems due to economic slowdown. Look at the track record of the Modi government in fighting inflation. We managed to tame the inflation and did not allow it to raise its head in the five and a half years rule. We must have done something good to keep it under check," he said.
Rajnath Singh was here to approach the various issues concerning traders. After inaugurating the three-day event, he said that traders are patriotic people and the government is sensitive to their demands. He assured the traders that the government will soon overcome the problems arising out of the current economic situation of a growth slowdown.