With Union Budget for 2008-09 less than two weeks away, Prime Minister Manmohan Singh today said the government is looking into the credit needs of farmers and increasing investment in irrigation. "We cannot have a situation where 80% of the (farm) sector is outside the formal financial system and suffer from excessive indebtedness. We are trying to resolve this problem," he said at the 80th annual general meeting of the Federation of Indian Chambers of Commerce (FICCI) here today.Dwelling on the government's prioritites in education and healthcare, the Prime Minister said the government will soon introduce a bill providing the Right to Education to every child. "This is the surest way of ensuring rapid inclusive growth in the long run," he said.Singh also said the central government is looking at new models of affordable health insurance and other related strategies.The Prime Minister used his address to sensitise Indian industrialists about the government's policy stance on economic growth and inflation. "I know that some of you are not happy about our emphasis on inflation control. There have been some impatient editorials about the sacrifice of growth at the altar of inflation control. I see things differently," he said, adding inflation is an "iniquitious tax, which hurts the poor more than the rich."Singh said the economy is ticking along smoothly and likely to grow at 9% in 2007-08, but said there are clouds on the horizon with a distinct possibility of the global economy, particularly the developed world, facing a downturn in the coming year. While India's growth is primarily driven by domestic factors like improved investment and consumption demand, Singh said the country "cannot be completely insulated from chilly global winds that may blow in our direction."
