Government is to announce measures on Monday to boost market conditions. Finance Minister Pranab Mukherjee said Secretary in the Department of Economic Affairs R Gopalan had already consulted RBI Governor Subbarao, who is aboard about the measures underway.
Mukherjee, who will resign as Finance Minister on Tuesday for contesting the Presidential polls , expressed concern over sharp depreciation in rupee and inflationary pressures. Talking to reporters in Kolkata on Saturday, he said these are signs of weakness in Indian economy. He, however, said GDP growth is at 6.5 per cent and Indian economy is resilient with strong fundamentals
He said when the global economy is in turmoil then no country can expect that there will be pocket of development. Particularly a large economy like India cannot remain insulated from external factors. He said the period from January to June 6, 2012 saw an inflow of FII money to the tune of 8 billion dollars as against negative flow in 2011.
FDI stood at 46 to 48 billion dollars, which is higher thanlast fiscal," Mukherjee added.
Showing posts with label economics. Show all posts
Showing posts with label economics. Show all posts
The Reserve Bank of Australia has cut its key rate to 3.75 per cent from 4.25 per cent. Most analysts say the interest rate cut was more-than-expected because economic conditions were somewhat weaker than forecast. There have been increasing signs that Australia's economy is being hit by a slowdown in global growth and demand for its resources.
The Reserve Bank of Australia in a statement said the decision is based on information received over the past few months that suggests that economic conditions have been somewhat weaker than expected, while inflation has moderated. It said growth in the world economy slowed in the second half of 2011, and is likely to continue at a below-trend pace this year.
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