Speaking at the annual general meeting of the industry chamber Associated Chambers of Commerce and Industry (Assocham), Prime Minister Manmohan Singh said major state-run firms invested about Rs 120,000 crore in 2012-13.
He said this to dismiss the popular notion that public sector undertakings (PSUs) werenÂ’t investing despite sitting on huge cash.
The Prime Minister said economic growth would record a turnaround in 2013-14 from a decade-low of 5 per cent in the previous financial year.
But he agreed that the economic growth may be lower than the budget estimate of 6.5 per cent in 2013-14.
He raised concern about the steep decline in the value of rupee against the dollar and said much of this was due to global markets reacting to the likelihood of a withdrawal of the third round of quantitative easing by the US Federal Reserve.
Stressing on the need to be proactive to arrest the fall in the value of rupee, Singh said more FDI reforms are on the anvil.
Recently, the government decided to raise the FDI caps on telecom and asset reconstruction companies to 100 per cent.
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