According to the government data, India's
economic growth fell in the second quarter to 5.3% compared with 5.5% in the
previous quarter, underscoring the urgency of implementing politically
difficult reforms to spur a revival in Asia's third-largest economy.
The world economy is going through the fifth
year of sub-normal growth this year and there’s no economy, developed or
emerging, which has not been affected. Emerging markets such as India have been
constantly urged to grow faster than the rest of the world economies, even
though the economic problems faced by the countries are the same. If you
thought India has a problem, look outside, Raghuram Rajan, chief economic
adviser to the Finance Ministry, said at the Delhi Economics Conclave in New
Delhi.
Finance Minister P. Chidambaram, who gave the
inaugural address at the Economics Conclave in New Delhi, reiterated Rajan’s
concerns about emerging economies, and blamed diminished space for policy
action as the main reason for poor economic growth. The government plans to
take more steps in the near future to revive the economy.
No comments:
Post a Comment