More jobs, revival of growth are priorities: Manmohan

Prime Minister Manmohan Singh has said the priority of the new Congress-led government was the revival of economic growth and creating new employment opportunities that had been slowed down by the global recession.

Addressing the newly-elected party MPs after being named the prime minister by the Congress Parliamentary Party, Manmohan Singh said: "There is some slowing down of investment and employment generation. We have to reverse this."

He said the challenges before the country were daunting. "Many nations in Asia are marching ahead."

"The world is experiencing a shift in the dynamics of growth from the West to the East. We cannot afford to lag behind the rising economies of the East."

The prime minister said the next five years could "well be a decisive half decade" and that "we have to revive growth and make it even more inclusive".

And to achieve this, he said, "We must also ensure that we can sustain growth."

Ensuring that the country's growth process was "socially and regionally inclusive and equitable will be a priority for us," the economist prime minister said: "This requires new investment. This requires creating a social and political environment in which investment can be made."

"This requires better management of our finances. This requires reform of the economy. This requires revitalisation of agriculture and acceleration of industrial development."

The prime minister said it was imperative to keep savings and investment rates high and "become more globally competitive so that we can face global economic challenges".