The Indian Prime Minister Manmohan Singh has said that the economic slowdown seen in the country should be seen as a short-term phenomenon that comes as a result of the crisis in the global economy.

He stressed that the long tem prospects for the country appear strong. "The current slowdown is a matter of concern but it should be seen as a short-term phenomenon, reflecting highly unsettled conditions in the global economy," Singh said while speaking at an event of policy makers.

He also said that the government should work to quell the spread of negativism in the country. The central bank of the country, the Reserve Bank has said that the economic growth in the current year is expected to be 8 percent compared to 8.5 per cent last year. The RBI has raised the benchmark rate 12 times since March 2010 to combat high inflation in the country.

Singh said that it is responsibility of the policy makers to reverse the mood of negativism. He said nothing in certain as we live in the world of faltering economies. The world economy is estimated to grow by 4 percent in this and next year, which is a lower estimate from the earlier 4.3 percent in 2011 and of 4.5 percent in 2012 by the International Monetary Fund.