India to focus on economic growth

India's new government is to concentrate on economic growth and pro-poor policies over the next five years, President Pratibha Patil has said. In an address to both houses of the Indian parliament, Patil said the first priority was to oppose the effects of the global economic downturn, stressing financial reform and internal security. "The current financial year is expected to see a slowing down of growth on account of the global recession, she said. "Our immediate priority must be to focus on management of the economy that will counter the effect of the global slowdown." She added that the government would take steps to support foreign investment, provide public sector banks with more capital and introduce pension reform bills. The Indian president said that welfare schemes for farmers and better health facilities for rural areas will be highlighted in the plans of the Congress-led government. The growth of India's economy was limited to 6.7% in the year that ended March 31, while it grew 9% in the previous year. The Indian presidential speech, identifying focus areas for the five-year term of the government, is prepared by the prime minister and his cabinet.