Govt confident of turning around economy: FM

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.

Comments

 

Other News

Digital literacy awareness programme for senior citizens in Mumbai

A digital education and awareness programme was organised by Centre for the Study of Social Change (CSSC) under union ministry of social justice and empowerment. Principal Advisor, CSSC and former Mumbai Mayor, Advocate Nirmala Samant Prabhvalkar explained to senior citizens about how to us

India fares poorly in global talent competitiveness index

India stood 92nd in the latest rankings of the global talent competitiveness index. Switzerland topped the rankings, with Singapore coming second. United Kingdom was in the third position. The report accompanying the rankings said that India’s information technology (IT) sector is alre

Gandhigiri, chamchagiri and the spinning-wheel doctors

There are two kinds of acts from the so-called fringe elements of the BJP: one embarrasses only the secular-liberals but resonates well with the party’s core constituency, and the other embarrasses the party more than the rest. Sakshi Maharaj’s latest rant is of the first type.

About 2.68 crore disabled in India: Govt report

As per census 2011, in India, out of the 121 crore population, about 2.68 crore persons are ‘disabled’ which is 2.21 percent of the total population. In an era where ‘inclusive development’ is being emphasised as the right path towards sustainable development, focussed initiatives f

44 high potential regional connectivity scheme airports in India: Report

As many as 44 high potential RCS airports have been identified from among 414 airfields available in India, said a report. The FICCI-KPMG report has presented over 370 possible destinations from the high-potential RCS airports, the projected financial statements for four aircraft types and s

RBI holds over 500 tonnes of gold

The Reserve Bank holds 557.77 tonnes of gold; of which, 265.49 tonnes are held overseas in safe custody with the Bank of England and the Bank for International Settlements (BIS). Gold as a share of the total foreign exchange reserves in value terms ($) stood at about 5.75 percent as at end-September, 2016,

Video

एक प्रतिशत लोगों के पास देश की 58 प्रतिशत संपत्ति

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter