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| Read PM's speech to India Inc: |
| Read PM's speech to India Inc: entire text
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| INDIA
, 19-July-2013
4:4:34 AM |
| Prime Minister Manmohan Singh has promised India Inc that his government will "leave no stone unturned to ensure that the economy rebounds" but admitted the economy was going through a difficult period, and growth will be slower than the previously expected 6.5 per cent for the year to March 2014.
Following is the full text of Dr Singh's speech:
"I am delighted to be with you today to inaugurate the ASSOCHAM's AGM, 2013. ASSOCHAM has, over the years, provided valuable inputs from time to time for shaping our policies for economic and industrial growth. I would like to compliment Shri Rajkumar Dhoot and all his colleagues for their work and I am happy to share my thoughts with you today.
Let me begin by stating upfront that we, like most other countries, are going through a difficult period. I know that business is deeply concerned about the slowdown in our economy. It is looking to the government to bring the economy back to a higher growth path. This, I believe, is a legitimate expectation and is also upper most in our mind.
When things are going well, government should interfere as little as possible. When things are going bad, as they seem to be at present, it is the responsibility of the Government to become more pro-active.
The most immediate cause of worry is the recent volatility in foreign exchange markets. Much of this was due to global markets reacting to the likelihood of a withdrawal of Quantitative Easing III by the US Federal Reserve Bank. Large volumes of funds were withdrawn from emerging markets and there was a depreciation in many emerging market countries including Turkey, Brazil and South Africa.
We too experienced a significant depreciation in the exchange value of the rupee. In our case, it was perhaps exacerbated by the fact that our current account deficit in the balance of payment had increased to 4.7 percent of GDP in 2012-13.
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