Reeling under the impact of global slowdown, India's exports declined by 12.1 percent in October this fiscal causing concerns of job losses in export-oriented manufacturing units.- Reeling under the impact of global slowdown, India's exports declined by 12.1 percent in October this fiscal causing concerns of job losses in export-oriented manufacturing units.
"We will have a reasonable growth rate, inflation will moderate and growth rate would be very satisfactory," he told reporters as he wound up work in the Finance Ministry before moving to the other part of North Block as Home Minister.
The country's growth was 7.9 percent during the first quarter of the fiscal (April-June) and 9.2 percent during the second quarter of 2007-08 (July-September), according to the Central Statistical Organisation (CSO) data.
"Based on the scenario that these attacks were an isolated case, we don't expect there would be negative implications on India's macro economic activities or the government's fiscal position," S&P's credit analyst Takahira Ogawa said in a statement.
Cautioning against the use of word "recession" for Indian economy, Finance Minister P Chidambaram on Monday said India's growth would moderate in this difficult year, but would still be second-fastest in the world at the rate of 7-8 percent.
Congress President Sonia Gandhi on Friday cautioned that it was "too early" to say that the global economic crisis had been contained but expressed confidence that the situation would throw up new opportunities for India in the future.
Exuding confidence that India had the "resources and the wisdom to grapple and deal" with the crisis, Singh said all instruments of public policy - monetary, fiscal, public investment and exchange rate - "will be deployed" to tackle it.
"If you want to grow in a dynamic way these days, I think you need to partner with India and not just in terms of trade but also in terms of investment," German Ambassador to India Bernd Muetzelburg said.
"We are hearing what everyone is saying and the decision will be taken at an appropriate time," Subbarao told reporters after his meeting with Finance Minister P Chidambaram, when asked whether the RBI was mulling further rate cuts.
The brokerage lowered its GDP growth numbers for FY09 to 6.7 percent from 7.5 percent and for FY10 to 5.8 percent from 7 percent, Goldman said in a research note on Monday.
India received foreign direct investment of $2.56 billion in September this year, showing an increase of 259 percent over the FDI inflows in the same month in 2007-08, despite the global credit squeeze.- The economy seems to be looking up since last week with some positive gains for stock markets and moderation in inflation, giving the Reserve Bank of India sufficient confidence to take more steps to infuse liquidity into the system.
- India's growth story will continue despite a slight deceleration, but there will be no recession as in some advanced economies, Reserve Bank Governor D Subbarao said on Saturday.
- After infusing Rs 1,85,000 crore liquidity into the banking system this month, RBI on Friday surprised the market by keeping its key rates unchanged in the mid-term review of annual monetary policy.
Ongoing financial crisis has shattered the supremacy of Europe and American financial system, Deputy Chairman of the Planning Commission Montek Singh Ahluwalia on Sunday said.
The financial tsunami in the US, which threatens to engulf Europe, will slow India's economic growth to about 5-7 percent, economists and analysts said.
Advocating economic reforms with a "human face", Prime Minister Manmohan Singh on Wednesday said his topmost priority was to insulate India from the ill effects of the international financial crisis.
Economic think-tank CMIE has said that industrial activity in the country would not slowdown despite the monthly Index of Industrial Production for manufacturing slipping to 5.6 percent.
India's trade deficit, which crossed 10 billion dollars in July alone, is becoming a cause of concern for the government, a senior commerce ministry official said.
The current turmoil in the global financial markets is unlikely to have an adverse effect on India's healthy growth rate or on the huge investments it is attracting, Indian Minister of state for Commerce and Industry Ashwani Kumar has said.
Arun Sarin, in his first public engagement after quitting as CEO of Vodafone, offered words of advice for India on Wednesday, saying it had to take "everybody on board" in order to seal its place in the economic top table over the next 20 years.
In a big relief to the policy makers, India's inflation further moderated to 12.34 percent for the week ended August 23 as compared to 12.4 percent for the week before.
Indian economic growth moderated to 7.9 percent in the first quarter of current fiscal, against 9.2 per a year ago as rising borrowing costs impacted manufacturing and some other sectors.
The report prepared by the Prime Minister's Economic Advisory Council said The Indian economy is likely to grow at a rate of 7.7 per cent in 2008-09, compared to 9 per cent in the last fiscal.
