Arab Today, arab today oppositionindian pm in denial over economy
Last Updated : GMT 19:12:07
Arab Today, arab today
Arab Today, arab today

Opposition : Indian PM in denial over economy

Arab Today, arab today

Arab Today, arab today Opposition : Indian PM in denial over economy

New Delhi - AFP

Premier Manmohan Singh forecast on Saturday stronger growth for India\'s stumbling economy, prompting opposition charges that the 79-year-old leader was in \"denial\" mode. Singh said he expected Asia\'s third-largest economy to expand this year by more than last year\'s 6.5 percent -- a far rosier projection than many private economists who say India could post its worst economic performance in a decade. \"The fundamentals of the Indian economy are strong. Investments and savings are among the highest in the world. I am hopeful we will do still better than 6.5 percent growth performance of last year,\" Singh told reporters. Singh\'s comments in New Delhi came after the research arm of the global ratings agency Moody\'s on Thursday scaled down its growth forecast for this fiscal year ending March 2013 to 5.5 percent. The forecast \"is a cause of concern but one should not draw unwarranted conclusions\", said Singh, credited with beginning the process of liberalising India\'s shackled economy in the early 1990s when he was the finance minister. \"We see nothing on the horizon to lift the economy from its funk,\" Moody\'s Analytics economist Glenn Levine said on Thursday. P. Chidambaram, named finance minister last week, has pledged to restart India\'s \"growth engine\".But analysts are sceptical about how much he can achieve with the Congress government under pressure after a string of graft scandals, and parliament gridlocked over attempts to further open up the economy. Other economists have also been taking a knife to their growth projections with Goldman Sachs economist Tushar Poddar expecting 5.7 percent and others seeing under five percent expansion. The main opposition Bharatiya Janata Party (BJP) said Singh\'s rosy outlook showed he was in denial mode over the country\'s economic situation. Singh\'s assertion that the economy is strong \"clearly shows that the prime minister is living in denial about the real state of the Indian economy\", said BJP upper parliamentary house leader Arun Jaitley. \"The patient does not want to be treated. He is convinced he is not unwell,\" Jaitley said, urging Singh to treat recent economic indicators as a \"wake-up\" call and take effective measures. On Thursday, data showed industrial output shrank by a surprise 1.8 percent in June, undermined by high interest rates to fight inflation and Europe\'s debt crisis which has hit exports. Separately, the government has appointed the outspoken former chief economist to the International Monetary Fund as the top economic advisor to India\'s finance ministry, according to press reports. Raghuram Rajan, acclaimed for predicting the 2008 global financial crisis, currently teaches at the University of Chicago\'s Booth School of Business, and in the past has said India must do more to liberalise its economy.

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 oppositionindian pm in denial over economy Arab Today, arab today oppositionindian pm in denial over economy

 



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 oppositionindian pm in denial over economy Arab Today, arab today oppositionindian pm in denial over economy

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Taxi! Transport gets an overhaul

GMT 12:09 2017 Sunday ,24 September

Taxi! Transport gets an overhaul
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Turkey warns of 'security' steps

GMT 12:17 2017 Sunday ,24 September

Turkey warns of 'security' steps
Arab Today, arab today North Korea 'more opaque'

GMT 10:50 2017 Sunday ,24 September

North Korea 'more opaque'
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal
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 Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Big Western brands polluting oceans

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 18:11 2017 Saturday ,23 September

Doctor provides advices to families

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
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