Hit Hard: India to unveil new measures
The economy grew just 5.3% in January to March, its slowest quarterly expansion in nine years.
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 24th, 2012.
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 24th, 2012.