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News Summary: India's Singh appeals to business

The Associated Press

PM VOWS: Prime Minister Manmohan Singh is vowing to improve India's business climate to help bring back high economic growth rates.

RED TAPE: On Wednesday, Singh told Indian business leaders that his government will cut the red tape stifling investment and undertake badly needed infrastructure projects. He acknowledged that corruption, bureaucratic inertia and the conflicting interests posed by a disparate coalition government have hurt the business climate.

SLOWDOWN: Just a few years ago, India was seen as a rising economic power approaching 10 percent growth, but that rate has drastically fallen recently. Growth was 5.5 percent in the last quarter.