PM Manmohan Singh at the NDC meeting in New Delhi on Saturday. — PTI

New Delhi, October 22
Prime Minister Manmohan Singh today said that there is a need to guard against the mood of negativism that has gripped the country. "It is our collective responsibility to reverse the mood of negativism today. We can either become victims of negativism, criticising ourselves all the way, or work together to put ourselves firmly in the group of rising economies,” Singh said at the National Development Council (NDC) meeting considering the Approach Paper for the 12th Plan beginning next fiscal.

The PM’s statement comes at a time when business confidence is low, investments have slowed down and there is a perception of a policy paralysis in the government following several scams and the anti-corruption agitation that seem to have affected the economy’s momentum.

Referring to the 9 per cent growth target during the next Plan, Singh said, "It is relevant to ask whether this is feasible since the economy is currently slowing down."

However, he added that the slowdown should be seen as a short-term phenomenon reflecting highly unsettled conditions in the world economy. Growth rates, he added, were being revised downwards in all countries for the current year.

"In setting target for the 12th Plan, we must look at longer term potential, assuming that the immediate short-term problems will be overcome. I have absolutely no doubt that our country's longer term prospects are very good,” he said.