SME Times is powered by   
Search News
Just in:   • Arun Jaitley passes away  • Samsung Galaxy M30s with 48MP camera in India next month  • 100 plus consultations held on RCEP in 6 years  • Johnson, Trump speak ahead of G7  • Facebook downplayed Cambridge Analytica data scandal 
Last updated: 13 Aug, 2019  

India.Growth.9.Thmb.jpg Time to fight slowdown

Great Indian slowdown
   Top Stories
» Arun Jaitley passes away
» Spectacular opening to WorldSkills Kazan 2019
» MSMEs, startups get relief as Govt announces support measures
» Amid FPI sell-off govt withdraws enhanced surcharge
» Exporters hail initiatives to propel economy
Bikky Khosla | 13 Aug, 2019

With trade tension between the two largest economies -- US and China -- showing no sign of improvement, multinational financial services firm Morgan Stanley has warned that the global economy is inching toward a recession. In case of India – it adds – the situation is not that bad and the economy, though witnessing a crippling slowdown, is not close to a recession. But complacency can be fatal at this juncture.

It is good to see the government not turning a blind eye to the current situation. The Finance Ministry has already decided to convene a series of meeting with key stakeholders -- including some of the industry sectors whose growth has been affected in recent months -- to discuss the current economic issues, and as a part of this exercise, the Finance Minister has recently met bankers, auto sector representatives, industry leaders and key realty players in separate meetings. Such efforts are welcome.

Meanwhile, according to media reports, the government is working on a stimulus package for the industry including a slew of financial measures ranging from tax cuts, subsidies and other incentives. The report adds that the package would not only aim to reduce the cost for the industry but would also lay out procedures that would further provide impetus to ease of doing business. It is also likely to cover the financial markets that may get relief from the tax on FPIs imposed in this year's Budget. Sounds good.

The Indian economy has declined for three straight quarters. Currently, both industrial production and core infrastructure sectors have witnessed a decline. According to latest data, industrial growth fell to a three-month low of 2 percent in June. Eight core industries growth dropped to a negligible 0.2 percent in the same month. Several sectors, including automobiles, are dangerously close to recession. The government must work urgently to reverse this situation.

I invite your opinions.

 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 24 Aug, 2019
  Daily Poll
Is the Union Budget 2019 MSME-friendly?
 Yes
 No
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(1)
» Calicut University Collaborates with ACCA(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter