New Delhi, Jul 19 (KNN)  Stating that the economy was going through a difficult period, Prime Minister Manmohan Singh has assured today that the Government will leave no stone unturned to ensure rebound and appealed to everyone to overcome negative sentiments.

“Let me begin by stating upfront that we, like most other countries, are going through a difficult period. I know that business is deeply concerned about the slowdown in our economy,” he said at an annual meeting of industry body ASSOCHAM here.

Of the growth rate in the current fiscal year, he said “We had targeted 6.5 per cent growth at the time of presenting the budget.  But it looks as if it will be lower than that.”

Further, a cause of worry is the recent volatility in foreign exchange markets. Much of this was due to global factors.

“We too experienced a significant depreciation in the exchange value of the rupee and our current account deficit had increased to 4.7 per cent of Gross Domestic Product (GDP) in 2012-13,” he said.

The government is also trying to remove constraints in the export of iron and other ores which saw a considerable decline during the last one year. On the supply side, there is need to push exports which will be helped by depreciation in the rupee.

The Reserve Bank has done its bit to stabilise market expectations. Recently, it took additional steps to raise short term interest rates.

Industrial growth has not yet recovered. However, agricultural performance has improved considerably.

“I assure you we will leave no stone unturned to ensure that our economy rebounds. I appeal to each one of you not to be overcome by negative sentiments,” the PM said. (GUNJ/KNN)