Speaking at an event in Delhi's Ramlila Maidan organised by the Confederation of All India Traders (CAIT) Singh also claimed that this is the first time in independent India that inflation has been contained to a figure lower than growth rate.
"So far as the economy is concerned, some people say that the growth rate has declined. But the truth is downturn has affected most of the countries, even the developed ones, which are reeling under its impact," Singh said.
"If we look at the past, this has happened before during Vajyapee's government and even Manmohan Singh's government. But it was Vajpayee who successfully turned around the economy and brought the country out of the recession. There are forces within the country which give us strength to face the problems due to economic slowdown," he said.
"Look at the track record of the Modi government in fighting inflation. We managed to tame the inflation and did not allow it to raise its head in the five and a half years rule. We must have done something good to keep it under check," Singh added.
The Defence Minister was present here to deliberate on various issues concerning traders.
After inaugurating the three-day event, Singh said that traders are patriotic people and the government is sensitive to their demands.
He assured the traders that the government will soon overcome the problems arising out of the current economic situation of growth slowdown.
( With inputs from IANS )