Says measures like FDI in multi-brand retail and hiking foreign investment cap in the aviation sector will boost economic growth and restore investor confidence
PTI | December 14, 2012
Finance Minister P Chidambaram on Friday said the government will take some more steps in the next few weeks to revive the economy and boost investment sentiments.
"I am confident that the steps we have taken, and some more steps that we will take in the next few weeks, will help turn the Indian economy around," he said addressing the 'Delhi Economics Conclave' here.
In the recent past, government has taken a number of measures, including opening up of FDI in multi-brand retail and hiking foreign investment cap in the aviation sector, to boost economic growth and restore investor confidence.
Besides yesterday, the Union Cabinet cleared setting up of Cabinet Committee of Investment to fast-track large project entailing investment of over Rs 1,000 crore.
"It is too early to say whether the measures have begun to bear fruit, although it is our expectation that they will do so," Chidambaram said.
Concerned over sticky retail inflation, the Minister said: "There is no reason at all to become complacent".
While headline inflation has moderated to 7.45 per cent in October, the retail inflation remains high at 9.90 per cent.
The economic growth in the first half of the fiscal fell to 5.4 per cent, against 7.3 per cent in the corresponding period a year ago. The growth in 2011-12 fell to a nine-year low of 6.5 per cent. In the current fiscal RBI expects it to be around 5.8 per cent.
Stressing that the present challenge is different from the one faced in 2008, Chidambaram said: "The present challenge calls for bold and innovative measures".
While in 2008-09 imports had reduced considerably due to fall in international crude oil prices, the situation at present is different as, while exports are declining, imports continue to remain high mainly on account of crude and gold.
He said with rapid globalisation of economy, external sector is becoming more vulnerable.
The Finance Minister also asked Asian G20 member nations and Russia to increase resource base of Asian Development Bank for development of the region.
The cabinet on August 24 gave its approval for the introduction of "Surrogacy (Regulation) Bill, 2016". Here are the salient features of the proposed bill: • The Bill will regulate surrogacy by establishing National Su
A tree in the backyard keeps the doctor away? Maybe that should be the new-age mantra for good health. A paper published by the University of Chicago researchers, in the journal Scientific Reports in July, looked at urban trees kept by the city of Toronto and the health of the residents there.
In a major policy shift on counter terrorism strategy in Kashmir, the Narendra Modi government has asked Jammu and Kashmir chief minister Mehbooba Mufti to go after the over ground workers [OWGs] of insurgent groups in Kashmir, to dismantle their support network. According to sources, the in
Scaling up village water safety and security (VWSS) can help improve access to quality drinking water and condition of household toilets. It can also help face floods and drought situations, NGO said during conference organised by the ministry of drinking water and sanitation and Plan India on Wednesday.
Defence minister Manohar Parrikar has sought a report from the Indian Navy chief following the leak of secret data on the combat capability of the Scorpene-class submarines. The classified information of the 3.5-billion-dollar project handled by the French shipbuilder DCNS to build submar
Globally, almost a billion people defecate in the open. There has been a 31 percent reduction in open defecation in India from 1990 to 2015, which alone represents 394 million people, said a UNICEF and WHO report ‘Progress on Sanitation and Drinking Water: 2015 Update and MDG Asse