‘Indian economy has capacity to bounce back’: Narendra Modi calls for focussed efforts to achieve $5 trillion target in NITI Aayog meeting
Unfazed by projections of GDP growth slowing to an 11-year low in the current fiscal, Prime Minister Narendra Modi on Thursday said the fundamentals of the Indian economy are strong and it has the capacity to bounce back.
Raghuram Rajan said there were some headwinds in the aftermath of structural reforms and the government was on its way to resolve these issues.
India is already ranked as the most active Internet user globally on a monthly basis. Digital transactions will touch $100 trillion in the next 10 years.
Demonetisation anniversary: Narendra Modi a visionary but PM must take persuasive approach to reforms
The jury is still out on whether demonetisation was a good or bad policy and whether it has met its stated and unstated objectives but one year into Narendra Modi's incredibly disruptive move, the perils of forcing through a major policy decision in a diverse democracy is clear.
Even in 2016, India is distracted by things like anti-national slogans, skirmishing with neighbours and issues of culture and identity. Mob violence and lynchings are common and it doesn’t really matter which government is in power. Till we get these basics rights, our march towards becoming a great power will remain slow.
Mukherjee said, "High inflation, higher current account and fiscal deficits, low growth rate no doubt are areas of concern. But these should not lead us to despondency."
Pointing out that 12th Plan has started at a time when the conditions are unfavourable, Sen said that a new strategy would be needed to achieve higher growth.
Union Home Minister P Chidambaram said that after good growth rates of over eight percent during the past some years, 2011-12 was a difficult year owing to the eurozone debt crisis and the growth rate declined to 6.7 percent.
It was a volatile session in the markets, however, both the BSE and NSE managed to close in green (0.14 percent) for the second consecutive today (expiry day for June series)
The rupee hike has made motorcycle maker Bajaj Auto to hike the prices of their bikes owing to the rising costs of the raw material. The company had increased costs earlier this year citing high input costs.
Corporate Affairs Minister Veerappa Moily today said there was no "economic tsunami" in the country and global rating firms should redesign their assessment parameters.
The BJP Tuesday said that the government is trying to protect the business interests of some foreign corporates and capitalists, due to which unemployment and inflation have touched the peak.
The falling rupee has shaved off a year's returns for global PE firms which poured tens of billions of dollars into India investments when the economy and currency were flying high a few years ago.
To support their stumbling economies, India and EU might sign a free trade agreement. The countries are resolving differences over excise duties but say that a deal in the offing.
Former RBI governor Y V Reddy lashed out against rating agencies and accounting firms saying that they enjoy an oligopolistic power over the markets, and said that some large international banks enjoy significant influence over political economy .
The government wants that these units should invest their funds, mainly in infrastructure sector, to promote growth and bring down the country's fiscal deficit to 5.1 percent in the current fiscal.