- Shraddha, Sushant walks for at Malhotra at LFWBhavna Bhavnani abuses Salman Khan to sell her bookDeepika Padukone among worl'd richest actresses nowSakshi Malik will be Beti Bachao Beti Padhao brand ambassador in HaryanaRustom Girl Ileana D'Cruz's monsoon skin ritualFirst Look: Shah Rukh shooting for The Ring'Half Girlfriend' team finishes Cape Town scheduleSedition case filed against actor Ramya for Pakistan is not hell remarkAryan Khan flaunts abs at college partyWon't camouflage baby bump on screen: Kareena
Northern Ireland on Wednesday announced a 23-member football squad for the World Cup quali
Govt for more steps to turnaround economy: FM Last Updated : 14 Dec 2012 01:55:38 PM IST Fresh steps to revive economy: FM
"I am confident that the steps we have taken, and some more steps that we will take in the next few weeks, will help turn the Indian economy around," he said addressing the 'Delhi Economics Conclave'.
In the recent past, government has taken a number of measures, including opening up of FDI in multi-brand retail and hiking foreign investment cap in the aviation sector, to boost economic growth and restore investor confidence.
Besides yesterday, the Union Cabinet cleared setting up of Cabinet Committee of Investment to fast-track large project entailing investment of over Rs 1,000 crore.
"It is too early to say whether the measures have begun to bear fruit, although it is our expectation that they will do so," Chidambaram said.
Concerned over sticky retail inflation, the Minister said: "There is no reason at all to become complacent".
While headline inflation has moderated to 7.45 per cent in October, the retail inflation remains high at 9.90 per cent.
The economic growth in the first half of the fiscal fell to 5.4 per cent, against 7.3 per cent in the corresponding period a year ago. The growth in 2011-12 fell to a nine-year low of 6.5 per cent. In the current fiscal RBI expects it to be around 5.8 per cent.
Stressing that the present challenge is different from the one faced in 2008, Chidambaram said: "The present challenge calls for bold and innovative measures".
While in 2008-09 imports had reduced considerably due to fall in international crude oil prices, the situation at present is different as, while exports are declining, imports continue to remain high mainly on account of crude and gold.
He said with rapid globalisation of economy, external sector is becoming more vulnerable.
The Finance Minister also asked Asian G20 member nations and Russia to increase resource base of Asian Development Bank for development of the region.
Source: IANS, Other Agencies, Staff Reporters
For Latest Updates Please-
Join us on
Follow us on
Post Your Comment (0 posted):
Popular Pakistani singer Atif Aslam has backed out of his scheduled performance at a conce
- B-town stars greet fans on Janmashtami
- Ariana Grande sued for copyright infringement
- Shraddha, Sushant walks for at Malhotra at LFW
- Britney Spears biopic coming to TV soon
- Bollywood wishes Happy Janmashtami
- 'Remo' director to reunite with film's makers
- Bhavna Bhavnani abuses Salman Khan to sell her book
- Deepika Padukone among worl'd richest actresses now
The world's largest natural pearl will be put on display in the Philippines soon, after th
Tech giant Microsoft has acquired artificial intelligence (AI)-based scheduling service Ge