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Economy to grow at 5.5 pc in 2012-13: Ansari
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Vice President, Mohd. Hamid Ansari delivering the inaugural address at the Partnership Summit 2013 on “Global Partnership for Enduring Growth”, in Agra, Uttar Pradesh on Jan 27. |
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Gyanendra Kumar Keshri | 28 Jan, 2013
India's economic growth is expected to decline to 5.5 percent in the
financial year ending March 31, sharply down from an average nearly
eight percent growth registered in the last 10 years, Vice President
Hamid Ansari said Sunday.
Addressing the partnership summit in Agra,
he said the adverse global economic situation has affected India's
economic growth in the past few years.
"Even though we could not
maintain the robust pace of 7.8 percent average annual GDP growth of the
decade from 2002-03 to 2011-12, we did recorded GDP growth of 5.3
percent in the July-September quarter of 2012-13 and are expecting to
end the current fiscal year at 5.5 to 5.6 percent," Ansari said.
India's
gross domestic product (GDP) growth has slumped to an average 5.4
percent in the first half of the current financial year, sharply down
from the 6.5 percent growth recorded in 2011-12.
Inaugurating the
19th edition of the partnership summit organised in Agra by the
Confederation of Indian Industry (CII) in association with the federal
ministry of commerce and industry and Uttar Pradesh government, Ansari
said the recent economic reform measures taken by the government would
help revive economic growth.
"The government has addressed the
issues of fiscal deficit, high inflation, negative trade balance with
the world and flagging exports with a slew of measures," he said.
"Notable
amongst these are seminal indirect and direct tax reforms, FDI
liberalization in retail and aviation, disinvestment in PSUs, and the
establishment of a cabinet committee on investments headed by the prime
minister for faster clearance of infrastructure projects, all of which
are aimed at reviving economic growth," he added.
The vice
president said coordination among major economies would redefine the
contours of the global economy in the coming years.
He emphasized
on the need for greater cooperation among the G20 countries that
account for two-thirds of the world's population, 90 percent of the
world GDP and 80 percent of the world trade.
"Global market place
will change with the formation of new trading blocks and enlarged
markets and companies must gear themselves up to meet the new
requirements. While doing so, they must be mindful of the need to
balance growth with sustainability," he said.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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