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India: Govt Steps to Improve Market Condition on Monday
Source: newkerala.com
Source Date: Saturday, June 23, 2012
Focus: Knowledge Management in Government
Country: India
Created: Jun 26, 2012

Union Finance Minister Pranab Mukherjee today said the Government would announce on Monday steps to improve market conditions.

 

"The steps we have taken. We will be able to take certain measures to be announced on Monday which will improve market condition," Mr Mukherjee told reporters.

 

He said Economic Affairs Secretary R Gopalan had consulted RBI Governor D Subbarao, who is abroad, about the measures to be taken.

 

Mr Mukherjee, who will resign on June 26 as Finance Minister for contesting Presidential election, expressed concern over sharp depreciation in rupee and inflationary pressures, but said he was 'not depressed'.

 

"I would like to say GDP (growth) is at 6.5 per cent.

 

There is inflationary pressure on economy, there is depreciation of Rupee. These are, no doubt, signs of weakness in Indian economy.I am concerned but I am not depressed," he said.

 

"No country can expect that there will be pocket of development and particularly a large economy like India which is the third largest in terms of purchasing power parity cannot remain insulated from external factors," Mr Mukherjee said referring to the global economic situation.

 

Mr Mukherjee, however, said the Indian economy is resilient with strong fundamentals.

 

He said FDI stood at 46-48 billion dollars this year till June 6 which is higher than that in 2011. (UNI)

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