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Govt to take more steps to turnaround economy, says FM

[email protected] (PTI)
December 14, 2012

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New Delhi, December 14: Finance Minister P Chidambaram today said the government will take some more steps in the next few weeks to revive the economy and boost investment sentiments.

"I am confident that the steps we have taken, and some more steps that we will take in the next few weeks, will help turn the Indian economy around," he said addressing the 'Delhi Economics Conclave' here.

In the recent past, government has taken a number of measures, including opening up of FDI in multi-brand retail and hiking foreign investment cap in the aviation sector, to boost economic growth and restore investor confidence.

Besides yesterday, the Union Cabinet cleared setting up of Cabinet Committee of Investment to fast-track large project entailing investment of over Rs 1,000 crore.

"It is too early to say whether the measures have begun to bear fruit, although it is our expectation that they will do so," Chidambaram said.

Concerned over sticky retail inflation, the Minister said: "There is no reason at all to become complacent".

While headline inflation has moderated to 7.45 per cent in October, the retail inflation remains high at 9.90 per cent.

The economic growth in the first half of the fiscal fell to 5.4 per cent, against 7.3 per cent in the corresponding period a year ago. The growth in 2011-12 fell to a nine-year low of 6.5 per cent. In the current fiscal RBI expects it to be around 5.8 per cent.

Stressing that the present challenge is different from the one faced in 2008, Chidambaram said: "The present challenge calls for bold and innovative measures".

While in 2008-09 imports had reduced considerably due to fall in international crude oil prices, the situation at present is different as, while exports are declining, imports continue to remain high mainly on account of crude and gold.

He said with rapid globalisation of economy, external sector is becoming more vulnerable.

The Finance Minister also asked Asian G20 member nations and Russia to increase resource base of Asian Development Bank for development of the region.

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News Network
January 17,2020

New Delhi, Jan 17: Deputy Chief Minister Manish Sisodia does not have any car on his name, according to information shared in the poll affidavit filed by him for Delhi elections.

In the affidavit, it is also shown that while his self-acquired immovable property remained roughly the same as in 2015. His wife's self-acquired immovable property is worth roughly about Rs 65 lakh, as per his latest affidavit.

In the papers submitted during the nomination for 2015 Delhi polls, the senior AAP leader had declared that he owned a Maruti Swift car of make 2013.

However, in his 2020 affidavit, he has mentioned "nil" in the column for motor vehicles and other means of transport.

In the affidavit submitted on Thursday, his moveable assets were declared worth Rs 4,74,888 for 2018-19, as against Rs 4,92,624 for 2013-14.

In 2015, Sisodia had informed in his affidavit that he had bought a property in Vasundhara, Ghaziabad, worth Rs 5.07 lakh in April 2001. The approximate current market value of self-acquired property in 2015 was Rs 12 lakh.

In his current affidavit, the AAP leader has mentioned the same property. However, the approximate current market value of self-acquired property in 2020 has increased to Rs 21 lakh.

In his affidavit for the 2015 polls, Sisodia had also said that his wife had purchased a property in March 2008 costing Rs 8.70 lakh. At that time, the approximate value of her self-acquired property was Rs 20 lakh.

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News Network
April 6,2020

New Delhi, April 6: India recorded the highest number of 704 positive cases of coronavirus in the past 24 hours, said the Union Ministry of Health and Family Welfare on Monday.

With these new cases, the total number of COVID-19 positive cases in India have now climbed to 4,281.

Total deaths stand at 111 including 28 new deaths. So far, 318 COVID-19 patients have been cured across the country.

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News Network
January 18,2020

Mumbai, Jan 18: Maharashtra Tourism Minister Aaditya Thackeray on Friday said shops, restaurants, malls and pubs will remain open 24 hours on an experimental basis in a few areas of Mumbai from January 26.

The areas where these establishments will remain open all night are Fort and Kala Ghoda in south Mumbai and Bandra Kurla Complex in the west.

Thackeray had batted for all-night-open eateries and other establishments in the city during the earlier BJP-Shiv Sena regime too.

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