Indian economy on a roll but fuel prices bleeding treasury: PM

0 Comments | AFP, August, 2006

NEW DELHI (AFP) — Indian Prime Minister Manmohan Singh says the economy is on its longest roll ever but that state subsidies on petroleum products are bleeding the national treasury.

"The going has never been as good for India in the past as it is now as our economy has been growing at an impressive pace of over eight percent," Singh said in a national address during 59th Independence Day celebrations.

"Such rapid growth over three successive years is unprecedented in Indian history. Our industry and services sectors are showing impressive growth," the prime minister said from the Mughal-built Red Fort in the Indian capital.

"The growth of the manufacturing industry touched 11 percent in the last quarter, generating many jobs for our youth and workers," the...