ID :
45337
Thu, 02/12/2009 - 17:13
Auther :
Shortlink :
http://m.oananews.org//node/45337
The shortlink copeid
Economy on relatively faster growth trajectory: President
New Delhi, Feb 12 (PTI) Helped by stimulus measures, the
Indian economy is expected to grow at a relatively high pace
despite adverse global economic environment, the government
said Thursday.
In her customary address to the joint sitting of
Parliament, Indian President Pratibha Patil said, "Even in the
prevailing adverse global environment, our economy, it is
hoped, would still register a relatively high growth rate."
Official estimates have pegged GDP growth for FY'09 at
7.1 percent, considered good at a time when most developed
economies are facing recession.
She said the government has taken a series of measures to
stimulate the economy. These steps would drive demand for
goods and services reviving production activities in the
manufacturing as well as services sectors.
"India's domestic demand can inject fresh momentum to our
economy," Patil said, adding that the country's banks are well
capitalised and face no threat that many banks face in other
parts of the world.
She said the government policies have ensured that even
as the country faces an economic slowdown along with the rest
of the world, "our fundamentals are much better."
The economy has seen unprecedented expansion of 8.9
percent growth in the last four years and above nine percent
in the last three years.
As the global downturn started hitting the Indian economy
in the second half of the current financial year, the
government intervened through two stimulus packages - first in
December and then another in January.
The measures included reduction in taxes and duties,
boost to infrastructure sector, injection of liquidity by the
Reserve Bank of India and specific steps to the worst affected
sector like exports, housing and automobile.
Besides, the Centre relaxed norms to facilitate more
government expenditure.
"My government has relaxed the constraints imposed by the
fiscal responsibility and budget management act to increase
capital expenditure by the state governments," she said.
The President said the farm sector grew by 4.5 per cent
in 2007-08.
However, according to the advanced estimates of GDP, the
farm sector growth is likely to slowdown to 2.6 per cent this
fiscal. PTI
Indian economy is expected to grow at a relatively high pace
despite adverse global economic environment, the government
said Thursday.
In her customary address to the joint sitting of
Parliament, Indian President Pratibha Patil said, "Even in the
prevailing adverse global environment, our economy, it is
hoped, would still register a relatively high growth rate."
Official estimates have pegged GDP growth for FY'09 at
7.1 percent, considered good at a time when most developed
economies are facing recession.
She said the government has taken a series of measures to
stimulate the economy. These steps would drive demand for
goods and services reviving production activities in the
manufacturing as well as services sectors.
"India's domestic demand can inject fresh momentum to our
economy," Patil said, adding that the country's banks are well
capitalised and face no threat that many banks face in other
parts of the world.
She said the government policies have ensured that even
as the country faces an economic slowdown along with the rest
of the world, "our fundamentals are much better."
The economy has seen unprecedented expansion of 8.9
percent growth in the last four years and above nine percent
in the last three years.
As the global downturn started hitting the Indian economy
in the second half of the current financial year, the
government intervened through two stimulus packages - first in
December and then another in January.
The measures included reduction in taxes and duties,
boost to infrastructure sector, injection of liquidity by the
Reserve Bank of India and specific steps to the worst affected
sector like exports, housing and automobile.
Besides, the Centre relaxed norms to facilitate more
government expenditure.
"My government has relaxed the constraints imposed by the
fiscal responsibility and budget management act to increase
capital expenditure by the state governments," she said.
The President said the farm sector grew by 4.5 per cent
in 2007-08.
However, according to the advanced estimates of GDP, the
farm sector growth is likely to slowdown to 2.6 per cent this
fiscal. PTI
