finance minister global slowdown to hit india’s growth prospects
Last Updated : GMT 19:44:38
Arab Today, arab today
Arab Today, arab today

Finance minister: Global slowdown to hit India’s growth prospects

Arab Today, arab today

Arab Today, arab today Finance minister: Global slowdown to hit India’s growth prospects

New Delhi - Irna

Finance Minister Pranab Mukherjee Wednesday said the global slowdown will impact India\'s growth prospects, but expressed hope that inflation will start moderating from December. However, he maintained that the Indian economy growing at 8 per cent, down from 8.5 per cent in 2010-11, will still be a \'reason for celebrations\'. Referring to the growth prospects for the current financial year, the minister said it would be impacted by the global economic slowdown. \'The news that India would grow annually at 8 per cent would be a reason for celebrations,\' he said at the annual conference of Economic Editors here. Mukherjee attributed both the economic slowdown and rising inflation to global economic problems, especially the rising price of crude oil in international markets, which has remained high at around USD 105 a barrel. He attributed near double-digit inflation mainly to rising global commodity prices. \'Inflation remained sticky around 9 per cent... I expect the overall WPI inflation to decline from December and I am hopeful that we will end the fiscal with 7 per cent,\' he said. Despite monetary measures taken by the Reserve Bank since March, 2010, headline inflation has remained stubbornly close to the double-digit mark. It was 9.78 per cent in August. Moreover, he added, the tight monetary policy followed by the RBI has also impacted growth during the current fiscal. The economy recorded a growth rate of 7.7 per cent in the first quarter (April-June 2011-12), the lowest in 18 months. In a bid to contain inflation, the RBI has raised key policy rates 12 times since March, 2010. \'The steady rise in policy rates was reflected in borrowings as well as lending rates with a lag,\' the finance minister said, adding that though reserve money growth witnessed a deceleration, broad money growth remained above the indicative trajectory in the current fiscal. According to Mukherjee, food inflation has significantly dropped from a peak of 20 per cent in February, 2010, to about 8 per cent in June-July 2011. The minister pointed out that the source of inflation has now switched to non-food items due to imported global commodity inflation -- in particular, crude oil. About lowering the economic growth projections for this fiscal by experts, Mukherjee said, \'Most observers are expecting India\'s growth to go down to below 8 per cent. This is disappointing, but at the same time, we must not lose perspective of the global situation. There is a slowdown all over the world.\' On the government\'s response to the situation, he said, \'A number of policy measures are being taken and fortunately, the long-run indicators look robust.\' \'Credit offtake is also showing health trends. Last year, from April to September, bank credit grew by 19.2 per cent, which is 19.5 per cent in the same period this fiscal,\' he said, adding that services have done well and agriculture is expected to grow at 3 per cent this fiscal. \'I am sure these factors would sustain growth,\' he said.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

finance minister global slowdown to hit india’s growth prospects finance minister global slowdown to hit india’s growth prospects

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

finance minister global slowdown to hit india’s growth prospects finance minister global slowdown to hit india’s growth prospects

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Solaf happy for participating in “Hotline”

GMT 07:56 2017 Wednesday ,22 November

Solaf happy for participating in “Hotline”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 09:12 2017 Thursday ,23 November

4 in 10 cancers due to modifiable risk

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday