Indian economy on the move but more is required: PM

India's growth in recent years may be unprecedented but the country must address the issue of making rapid progress and also taking its benefits to the average citizen, Prime Minister Manmohan Singh said Tuesday.

"The going has never been as good for India in the past as it is now," the prime minister said in his Independence Day address, referring to the "unprecedented" eight percent economic growth over the past three years.

"India is certainly on the march. Yet, we have miles to go before we can truly say that we have made our tryst with destiny," he said, adding that the challenge before the country was to end poverty, disease and inequality of opportunity.

According to the prime minister, there was a reassuring confidence in the Indian industry in being able to take on the challenge of globalisation and the government had created an environment conducive to growth.

"The growth of the manufacturing sector touched 11 percent in the last quarter, generating many jobs for youth and workers. I see our service sector competing with the best and earning valuable foreign exchange," he said.

But he also voiced his concern at the progress not being inclusive. While cities were progressing, new roads were being built, airports being modernised and railways expanding, a large number of people were living in slums, he said.

"Globalisation certainly has its benefits but it can also hurt the common man."

The prime minister also sought to emulate the progress made by Japan, China and the countries of Southeast Asia and said: "When I see them, I wonder whether we are living up to our full potential or not."

He said his government's efforts, since it took reins in May 2004, had been to generate the necessary wealth that can be deployed for welfare programmes and to ensure poverty-free, quality life to people in both rural and urban India.

"The most effective weapon against poverty is employment. And higher economic growth is the best way to generate employment. We must create an environment that encourages business to grow and create more employment."

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