- Preity quashes marriage report againLanka takes 1-0 lead vs India in 1st T20Cold conditions prevail across NorthTaapsee has no YSR projectPanasonic launches P66 Mega at Rs.7,990Meet World's sexiest top modelEmraan gifts 'Azhar' first look to Azharuddin on b'dayKatrina offers prayers at Ajmer dargahVarun Dhawan in Sushant-Kriti starrerWatch Out: Salman Khan sans moustache in 'Sultan'
Defending champions India bounced back to reckoning in style with a 5-0 hammering of Sri L
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):
The Supreme Court on Tuesday gave film star Govinda two weeks' time to meet Santosh Batesh
- Om Puri, wife Nandita opt for judicial separation
- Varun Dhawan to star in 'Judwaa 2'
- Salman goes clean-shaven in new look of 'Sultan'
- Preity quashes marriage report again
- Taapsee has no YSR project
- Why Deepika Padukone is the luckiest women?
- Revealed: Why Anushka declined Kohli's marriage proposal?
- Shahid forced Karan Johar to do this for his ex Kareena Kapoor
Kristina Pimenova,a 10-year-old Russian girl, has sparked controversy by landing a top mo
Panasonic launches P66 Mega smartphone at Rs. 7,990 in New Delhi on Tuesday.