Yesterday there was meeting of UPA government in capital presenting the UPA government's annual report card, Prime Minister Manmohan Singh said that the Indian economy grew at an unprecedented 8.5% growth rate from 2004-05 to 2010-11, despite a severe global financial crisis during 2008-09. There was severe decline in inflow of funds in India due to global financial crisis so due to this the growth was 6.8%. It also marked Dr.Manmohan singh completion of 7years of being successful prime minister.
The performance in agriculture has been particularly satisfying, with our farmers producing more than 235 million tonnes of food grains its indeed a record since independence.
As per the World Bank classifications, India is ranked among lower-middle income economies along with countries like Sri Lanka, China, Pakistan, Iraq and Indonesia.Countries like the US, the UK, Australia, France, Germany and Japan are ranked as high-income economies, those like Brazil, Malaysia, Mauritius, Turkey and South Africa are upper-middle income economies.
So to keep pace with this countries more importance and focus needs to be given to Infrastructure, commercial development,Agriculture,Industrial development etc so that more funds, inflow and investment will pour into India and it will develop in short span.
As per the government's report card it has also simplified its foreign direct investment policy and steps have been taken towards an improved taxation environment through Direct Tax Code.
Thus growth is on cards but there is also important things to worry i.e.inflation and monetary policy.
From
Stevenson
Fundamental analyst (23/05,10)
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