Economy to soon revert to high growth trajectory: FM

Ministries and departments to adhere to expenditure limits

PTI | December 27, 2011



Amid concerns of a slowdown, finance minister Pranab Mukherjee has said the Indian economy will soon revert to a higher growth trajectory.

The present downturn is only temporary, Mukherjee said in his address at the fourth meeting of the Consultative Committee attached to the ministry of finance this fiscal in national capital on Monday.

Earlier this month, the government lowered the GDP growth forecast to 7.5 per cent from its earlier estimate of 9 per cent for the current fiscal.

"The world economy is going through turbulent times. Due to the euro zone crisis, a downturn in external demand resulting in a slowdown in exports, currency volatility and current account deficit, among others, has also affected our economy."

He also said that necessary instructions have been issued to all ministries and departments to adhere to their expenditure limits.

On price rise, he said food inflation has come down to 1.8 per cent and there is moderation in inflation in general.

The savings rate has also gone up.

Comments

 

Other News

El Niño threatens India’s Rabi crops

India’s southwest monsoon ended with a 13% rainfall deficit in 2026, its weakest performance in a decade, raising concerns over agricultural production, water security and the upcoming rabi season. With El Niño expected to persist into early 2027, experts warn that declining soil moisture, dep

Regulating the data advantage: India’s new e-Commerce framework

For over a decade, India’s e-commerce story has rested on a simple premise: platforms connect buyers and sellers, while data fuels efficiency, personalisation, and scale. However, as the market matured, its structure has revealed a growing imbalance. E-commerce platforms, especially marketplace ent

Changing weather patterns, climate change responsible for Nepal floods

The interaction between active Western Disturbances, increased atmospheric moisture and the region’s complex topography aswell as global warming are important factors behind intense rainfall in the Himalayas, leading to flash floods in Nepal, according to meteorologists. Nepal

A right she cannot reach

Last summer, the two of us spent several weeks in rural Madhya Pradesh with a non-profit that works on gender justice through women’s self-help groups. We went in with a notebook full of laws. The Protection of Women from Domestic Violence Act. The Dowry Prohibition Act. Free legal aid for every wo

Tier-2 cities lead India’s digital credit push

Digital payments have become a reflex for urban India, but the confidence earned in paying has not yet carried over to borrowing. That is the central finding of `How Urban India Pays Report 2026`, released by Pahlé India Foundation in collaboration with Amazon Pay. Based on a survey of 5,149 consu

India calls for doubling bilateral trade with UK by 2030

Commerce and industry minister Piyush Goyal has called upon businesses in India and the United Kingdom to translate the opportunities created by the India-UK Comprehensive Economic and Trade Agreement (CETA) into expanded trade, investment, partnerships and job creation. Addressing the Bu

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter