Has Indian economy finally turned the corner?

GN Bureau | September 1, 2014



In financial terms, the Narendra Modi government has completed its first quarter. At 11 minutes past 11 am today (September 1), the Bombay Stock Exchange Sensex was up 200 points at 26,837, while the NSE Nifty was up 62 points at 8,016 – both new highs.

According to latest figures released by the central statistics office, under the ministry of statistics and programme implementation, the GDP growth surged to 5.7 percent in the April-June quarter this year – the fastest pace in nearly two and half years. According to a report in Economic Times, investment activity has gathered pace and reassured consumers have begun to spend again, indicating the worst slowdown in the last decade may finally be over.

In Tokyo, meanwhile, prime minister Narendra Modi told media persons, “I think we have crossed the difficult situation that the country was facing."

While a political debate is certain to ensue, with the Congress claiming the ‘revival’ is due to the Chidambaram pill against the BJP’s claims of brining in “achchhe din” within the first 100 days of the Modi government, the question is whether the economy is finally out of the woods.

Comments

 

Other News

Govt, RBI announce major reforms to attract FPI

The finance ministry on Friday announced a series of measures aimed at enhancing the ease of investment for individual Persons Resident Outside India (PROIs) and Foreign Portfolio Investors (FPIs), and to attract stable long-term foreign capital flows.   Building on the recent in

Lessons in climate adaption from world’s largest inhabited river island

Majuli Island, perched between the Brahmaputra River to the south and east, the Subansiri River to the west, and a branch of the Brahmaputra to the north, has been severely affected by recurrent flooding and intense riverbank erosion. Despite its global importance in acquiring UNESCO tentative status for

Careless whispers and the impossible trinity

Time can never mend, the careless whispers of …    As the RBI marches ahead, for the upcoming monetary policy meeting this June, whispers from the corridors echo around several policy options to defend the rupee – by deploying forex reserves, raising in

Bullet Train Project: Third mountain tunnel breakthrough achieved

A major engineering milestone has been achieved in the Mumbai–Ahmedabad Bullet Train Project with the successful breakthrough of the third mountain tunnel (MT-07) at Ambesari village in Dahanu Taluka of Palghar district, Maharashtra.   With this achievement, three mountain

Supreme Court gets five new judges

Five new judges were appointed to the Supreme Court of India on Monday. "Vide Notifications of even number dated 01.06.2026, in exercise of the powers conferred by clause (2) of Article 124 of the Constitution of India, the Hon’ble President of India is pleased to appoint (i) Shri

Astonishing breadth and depth of ancient Indian knowledge systems

The Greatest Books of Ancient India: Incredible Ideas about Science, Music, Maths, Art and More By Dr. Pradeep Chakravarthy and Dr. R. Thiagarajan Hachette India, 208 pages, Rs 399  





Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter