Arab Today, arab today india can \recapture the magic\ of high growth
Last Updated : GMT 05:49:56
Arab Today, arab today
Arab Today, arab today

India can \'recapture the magic\' of high growth

Arab Today, arab today

Arab Today, arab today India can \'recapture the magic\' of high growth

New Delhi - AFP

India\'s economy can \"recapture the magic\" and return to high-growth of seven-to-eight percent in the next couple of years, picking up from decade-low expansion, the finance minister said on Saturday. Earlier in the week, India\'s Central Statistics Office (CSO) had projected that Asia\'s third-largest economy will accelerate by five percent in the fiscal year ending in March -- its slowest rate in 10 years. \"There are signs of an upturn that will take us to a high growth path,\" Finance Minister P. Chidambaram told reporters. \"We will climb back to a growth rate of between six to seven percent next year and then between seven-and-eight percent in the year after,\" he said. \"We can recapture the magic of 2004-08. The average growth was 8.5 percent during that period,\" he said. The finance minister disputed the CSO\'s growth estimate of five percent for the current financial year as too low. \"We believe growth will be closer to 5.5 percent,\" Chidambaram said, as he unveiled a scheme to draw more investors into India\'s growing stock market. The International Monetary Fund last week forecast India\'s economy would post growth of 5.4 percent in the financial year ending in March. Last year, the economy grew by 6.2 percent but even that rate, while enviable by anaemic Western standards, is insufficient to create the jobs India needs to provide work for its ballooning population. An eight percent growth rate is imperative to generate jobs, Chidambaram said. \"The measures we have taken... and will take in the coming days will put India onto the eight percent path,\" said the minister, who is due to present the budget for the coming financial year at the end of the month. The Congress-led coalition government has introduced a string of measures since September to encourage foreign investment in key sectors and reduce subsidies, which have led to a ballooning fiscal deficit. India\'s economy has slowed sharply due to high interest rates, Europe\'s debt crisis and sluggish investment caused by domestic and overseas concerns about policy-making and corruption. On a positive note, Chidambaram said the CSO\'s growth forecast was higher than a decade ago in 2002-03 when the economy grew at four percent. \"I have no doubt in my mind that we will come out of this trough,\" he said. As India gears up for national elections due in 2014, the government is under increasing pressure to kick-start the economy before facing voters.

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*

Arab Today, arab today india can \recapture the magic\ of high growth Arab Today, arab today india can \recapture the magic\ of high growth

 



Arab Today, arab today

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*

Arab Today, arab today india can \recapture the magic\ of high growth Arab Today, arab today india can \recapture the magic\ of high growth

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
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