ID :
45918
Mon, 02/16/2009 - 19:51
Auther :
Shortlink :
http://m.oananews.org//node/45918
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Despite global meltdown, Indian FDI records 45 percent growth
New Delhi, Feb 16 (PTI) Notwithstanding the global
financial crisis, India recorded a 45 percent growth in
Foreign Direct Investment by receiving USD 23.3 billion
between April and December 2008 over the same period in the
previous year.
Even during the fiscal 2007-08, India's FDI was a record
USD 32.4 billion, Finance Minister Pranab Mukherjee said while
presenting the interim budget in the Lok Sabha.
Seeking to present a rosy picture of the country's
financial health despite the global meltdown which began in
2007 impacting most emerging market economies, he said 7.1
percent rate of GDP growth in the current year makes India the
second fastest growing economy of the world.
"The fallout of global slowdown on Indian economy was
countered with fiscal stimulus packages announced in December
2008 and January 2009 providing tax relief to boost demand and
increasing expenditure on public projects," he said.
To keep the economy going, Mukherjee said, the government
has accorded approval to 37 infrastructure projects worth Rs
70,000 crore from August 2008 to January 2009.
Government also gave in-principle or final approval to 54
central sector infrastructure projects with a project cost of
Rs 67,700 crore and 23 projects amounting to Rs 27,900 crore
were approved for viability gap funding in 2008-09.
"India has arrived on the international economic scene,"
Mukherjee said.
"Increased global competitiveness of Indian enterprise,
its resilience to global shocks, and a positive economic
outlook has contributed to a marked change in the way the
Indian economy is being viewed, within and outside the
country," he said.
The Minister said Indian economy has grown at an
"impressive" 8.6 percent over the last five years, "which is
faster than ever before".
This growth, he said, has been "more inclusive" providing
people expanded opportunities for livelihood.
"The creative energies of our farmers, entrepreneurs,
businessmen, scientists, engineers and workers have been
unleashed," he said. PTI AKK
AM
NNNN
financial crisis, India recorded a 45 percent growth in
Foreign Direct Investment by receiving USD 23.3 billion
between April and December 2008 over the same period in the
previous year.
Even during the fiscal 2007-08, India's FDI was a record
USD 32.4 billion, Finance Minister Pranab Mukherjee said while
presenting the interim budget in the Lok Sabha.
Seeking to present a rosy picture of the country's
financial health despite the global meltdown which began in
2007 impacting most emerging market economies, he said 7.1
percent rate of GDP growth in the current year makes India the
second fastest growing economy of the world.
"The fallout of global slowdown on Indian economy was
countered with fiscal stimulus packages announced in December
2008 and January 2009 providing tax relief to boost demand and
increasing expenditure on public projects," he said.
To keep the economy going, Mukherjee said, the government
has accorded approval to 37 infrastructure projects worth Rs
70,000 crore from August 2008 to January 2009.
Government also gave in-principle or final approval to 54
central sector infrastructure projects with a project cost of
Rs 67,700 crore and 23 projects amounting to Rs 27,900 crore
were approved for viability gap funding in 2008-09.
"India has arrived on the international economic scene,"
Mukherjee said.
"Increased global competitiveness of Indian enterprise,
its resilience to global shocks, and a positive economic
outlook has contributed to a marked change in the way the
Indian economy is being viewed, within and outside the
country," he said.
The Minister said Indian economy has grown at an
"impressive" 8.6 percent over the last five years, "which is
faster than ever before".
This growth, he said, has been "more inclusive" providing
people expanded opportunities for livelihood.
"The creative energies of our farmers, entrepreneurs,
businessmen, scientists, engineers and workers have been
unleashed," he said. PTI AKK
AM
NNNN
