Hit Hard: India to unveil new measures

NEW DELHI: India plans to unveil new measures on Monday to boost the economy, Finance Minister Pranab Mukherjee said Saturday, a day after the rupee touched a new record low against the US dollar, as global uncertainty pushed investors to the safe-haven US currency. Mukherjee said that the government had discussed the economic situation with the central bank governor on Friday. He said that at a time when the global economy is in turmoil, no country can expect that there will be pocket of development, particularly in a large economy like India. Foreign corporate confidence in Asia’s third largest economy is low, due to new restrictive tax policies and a perception of government paralysis in enacting further reforms. The rupee has been hit hard, which is being buffeted by high inflation and slow growth. The economy grew just 5.3% in January to March, its slowest quarterly expansion in nine years.

Published In The Express Tribune, June 24^th, 2012.