Prime Minister Dr Manmohan Singh today called on industry leaders to partner with government efforts to reverse the impact of economic slowdown and achieve higher economic growth.

Addressing the CII meet in New Delhi this morning, Dr Singh said Centre is determined to do everything possible to achieve the fiscal deficit roadmap. The country's growth has slowed down to 5 per cent which is disappointing but this is not a permanent reduction.

The Prime Minister said he does not believe that the future of growth is 5 per cent and added that India grew at a rate of 8 per cent in the last ten years. Dr Singh stressed the need to take corrective action to deal with the temporary economic downturn due to global factors.

He said if the business atmosphere was unduly optimistic in 2007, it is unduly pessimistic today. Dr Singh said consensus today is that unless the government acts swiftly, growth already decelerated will be perennially stuck at five per cent.

The Prime Minister also said government can act forcefully to remove the many domestic constraints that have arisen to get the economy to perform at full potential.

Recent legislative measures in the Banking Sector have paved the way for granting of new bank licences by the Reserve Bank. Dr. Singh also said that he firmly believes that good employment is the best form of inclusion.