The economic growth of India in first half of the fiscal year 2012-2013 was 5.4% and it further dropped down to 5.3%. Numerous steps ( FDI in retail sector and aviation sector) have been taken up in the recent past to revive the economy’s retarded growth rate. But still Indian economy doesn’t showcase much developments. P. Chidambaram has recently announced that government will take up some more steps to accelerate the economic growth.
Well lets see then what Mr. Finance Minister aims to do to give a boost to slow growing economy……..
- He has spoken to a number of private firms to take an initiative for investments.
- He also said that public sectors are encouraged to take up investment policies.
- He has asked Asian countries who are part of G-20 nations to cooperate in strengthening the position of Asian Development Bank.
- Cabinet Committee on Investment has been set up to fast track large projects involving the investment of more than 1000 crore.
- Setting up of Land Acquisition Bill and new urea investment policy.
- He also aims at having more stable and justified tax system.
- Steps will be taken to ensure more Foreign Investment because it is one of the main source to meet the current fiscal deficit.
- He is aware of the currency war that might start due to aggressive policies of Japan to devalue its currency. In his opinion, other countries should not indulge in the war as it might affect all other economies.
- Last but not the least, welfare programmes will be laid down to meet the grievances of the poor and needy in a responsible manner.
Chidambaram is confident of the fact that upcoming budget which will be presented on 28th February, promises to raise investments in different sectors of the economy. As far as common man is concerned, we can only hope for a change …..!!
Views presented in the article are those of the author and not of ED.