Prime Minister Manmohan Singh said a strategy had been devised to prove the prophets of
gloom wrong and retrieve the economy from its temporary downturn. The
limitations, however, were that one had to wait for the global economic
situation to return to normal and also learn to live with the current
account deficit (CAD) in the balance of payment with exports likely to
remain weak.
Prime Minister Manmohan Singh promised to deal with the constraints to restore
macro economic balance, revive the investment environment and initiate
reforms in the FDI, financial, power and fuel sectors and cut down on
subsidies (including kerosene), some of which would be rolled out this
month itself.
As a first measure towards cutting down fiscal deficit, the process of
fiscal stimulation would be reserved, which, he said, was necessary to
ensure availability of savings for investment, instead of being absorbed
by government deficit.
But he was categorical about rationalising subsidies, particularly fuel —
the next in line being kerosene in “due course of time.”
To boost foreign investment, the government would review the FDI policy comprehensively in the next few months
Prime Minister Manmohan Singh said a 13-year rift between the Ministries of Power
and Coal had been bridged, paving the way for installation of the Rs.
14000-crore, 2000-MW North Karanpura power station in Jharkhand by NTPC.
No comments:
Post a Comment