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English Release 27-February 2015
Date Month Year
  • Vice President's Secretariat
  • VICE PRESIDENT RELEASES HINDI TRANSLATION OF BOOKS BY LATE DR. NARENDRA DABHOLKAR
  • Prime Minister's Office
  • Text of PM's reply to the debate on Motion of thanks to President’s Address in the Lok Sabha
  • AYUSH
  • Panchagavya Therapy
  • Election Commission
  • Bye-elections to the Council of States from various States.
  • Min of Agriculture
  • Sowing Area Under Rabi Rice and Summer Pulses And Oilseeds
  • Online Agri Platforms for Sale of Agri Produce
  • Malpractices in Cooperative Societies
  • Decrease in Crops Sowing Area
  • Dependence on Imported Pulses
  • Infrastructure for Online Trading
  • Fertility of Agricultural Land
  • Setting up of Fish Brood Banks
  • Production of Foodgrains and Fruits in Maharashtra
  • Min of Chemicals and Fertilizers
  • Steps Taken to Keep the Prices of P&K Fertilizers at Reasonable Rates
  • No Proposal for Deregulation of Urea
  • Min of Commerce & Industry
  • 'Make in India' Programme
  • Delhi-Mumbai Industrial Corridor
  • Ease of Doing Business Index
  • Ban on Import of Poultry Products from United States
  • Boost to Leather Sector
  • Min of Comm. & Information Technology
  • TRAI issues draft Tariff Order prescribing framework for commercial interoperability of Customer Premises Equipment (CPE) in DTH services, for consultation.
  • TRAI issues a draft Amendment to the Telecommunication Tariff Order, 1999 for revision of tariff regime for national roaming service for comments of the stakeholders.
  • Min of Consumer Affairs, Food & Public Distribution
  • Recommendations for Restructuring of FCI are Under Consideration of the Government
  • National Food Security Act Implemented in Eleven States
  • Steps to Ensure Better Targeting of Food Subsidies
  • 612.91 Lakh Tons of PDS Foodgrains Allocated to the States During Current Year
  • Rs 16,904 Crore Subsidy Released to the States for Procuring Foodgrains for Central Pool
  • Damage in Central Pools Stocks Brought Down to 0.044%
  • Min of Corporate Affairs
  • National Company Law Tribunal
  • Regulation of Salary
  • Contribution to Political Parties
  • Corporate Frauds
  • Competition Commission of India
  • Min of Culture
  • Government accepts the resignation of Shri Mani Shankar Aiyar from the Chairmanship of Coordination Committee of Zonal Cultural Centres (CCZCC)
  • Min of Defence
  • Indian Navy Concludes Its Annual Exercise
  • Participation of States in Republic Day Celebrations
  • Ex-Servicemen Contributory Health Scheme
  • Setting up of Technology Development Board
  • Transportation of Arms and Ammunitions
  • Aircraft and Helicopter Crashes
  • Shortage of Articles in Army
  • Procurement of Arms and Ammunition
  • Production of Defence Equipment
  • Road Projects of BRO
  • Illegal Entry of Foreign Vessels

  • To be Answered on the 27th February, 2015
  • National Cadet Corps
  • Development of Defence Industries
  • Import of Defence Equipment
  • Veterans Commission
  • Export of Defence Products
  • Submarine Construction Project
  • Purchase of Fighter Aircraft
  • Replacement of Avro Fleet
  • Blacklisting of Companies
  • Min of Earth Science
  • Maldivian Minister Calls on the Minister for Science & Technology and Earh Sciences Dr. Harsh Vardhan to Discuss Issues Relating to Regional Integrated Multi-Hazard Early Warning Systems (Rimes)
  • Ministry of Finance
  • Dr. Kshatrapati Shivaji, IAS(MH:86) Appointed as Chairman and Managing Director, Small Industries Development Bank of India(SIDBI) on Deputation Basis for a period of Three Years
  • ED Investigation on Black Money
  • Recommendations made by the Shome Committee/Tax Administration Refroms Commission
  • Rashtriya Swasthya Bima Yojana; Provides Health Insurance to Unorganized Workers Belonging to BPL Category and their Families
  • Cut in Repo Rate
  • Payment of Dividents from Public Sector Banks
  • Improvement in Female Literacy and Educational Challenges
  • Wiping Every Tear from Every Eye: The Jan Dhan Yojana, Aadhaar and Mobile Numbers Provide the Solution
  • Major Reform Initiatives Undertaken by Government in Banking, Insurance and Financial Sector
  • Economic Survey highlights the need for balance between ‘Make in India’ and ‘Skilling India’
  • A Growth Rate of over 8 Per Cent Expected for the Coming Year
  • Government Remains Committed to Fiscal Consolidation; Economic Survey says Enhanced Revenue Generation is a Priority
  • Infrastructure Growth in terms of Eight Core Industries Higher than Industrial Growth since 2011-12
  • India’s National Solar Mission Being Scaled up Five-Fold to 100,000 Megawatts
  • India needs to create additional Fiscal Space: Economic Survey 2014 – 15
  • Economic Survey Recommends Reform of Railway’s Structure, Commercial Practices, Overhaul of Technology
  • Skill Development and Employment are major Challenges: Economic Survey
  • Economic Survey 2014-15 Highlights
  • The Fourteenth Finance Commission (FFC) will enhance Fiscal Federalism in India: Economic Survey 2014-15
  • Government approves a Rs. 200 crore Central Sector Scheme for implementing e-platform for agri-marketing
  • Hyper-Growth in Tech start ups in India, says Economic Survey on Services Sector
  • Services Sector Clocks Double Digit Growth
  • External Sector is returning to the path of strength and resilience: Economic Survey
  • Inflation shows a declining trend during the year 2014-15 (April-December)
  • Foodgrains production for 2014-15 estimated at 257.07 million tonnes; will exceed average food grain production of last five years by 8.5 million tones
  • From Carbon Subsidy to Carbon Tax: India’s Green Actions
  • Food Subsidy Bill stands at Rs. 107823.75 crore during 2014-15 (upto January, 2015), shows an increase of 20% over previous year
  • Create National Common Market in Agricultural Commodities: Economic Survey 2014-15
  • Revive public investment to improve investment climate: Economic Survey 2014 – 15
  • Min of Health and Family Welfare
  • Medical Facilities in Tribal Areas
  • Mission Indradhanush will Provide Immunization Against 7 Life-Threatening Diseases
  • Steps Taken to Reduce IMR and MMR
  • National Deworming Drive Launched in 11 States
  • Healthcare of Elderly People
  • Health Research
  • AIIMS Like Institutions
  • Essential Drugs
  • Stufies for Assessment of Health and Family Welfare
  • Polio Eradication Programmes
  • National Guidelines for Stem Cell Research and Therapy
  • Evaluation of Accredited Social Health Activists (ASHA)
  • Steps Taken for Prevention and Control of Vector-Borne Diseases
  • Min of Home Affairs
  • Rajnath Singh calls for Promotion of Education with Scientific Temper and Skills
  • Min of Law & Justice
  • Press Communique Related to Appointment of Shri Justice Amitava Roy, Chief Justice of the Orissa High Court as the Judge of the Supreme Court
  • Min of Personnel, Public Grievances & Pensions
  • ACC Appointments
  • Min of Petroleum & Natural Gas
  • Global crude oil price of Indian Basket was US$ 59.19 per bbl on 26.02.2015
  • Min of Planning
  • The Government to continue the financial assistance to 88 districts for Left Wing Extremism Affected Districts
  • Initiatives to improve the performance in infrastructure sectors
  • Min of Science & Technology
  • National Science Day 2015
  • CSIR Wins International Competition to Set up Wax Deoiling Technology at Numaligarh Refinery of BPCL
  • Min of Women and Child Development
  • 2774 adoptions during April-December, 2014
  • 26.55% reduction in moderately/severely underweight children under ICDS between 2009-10 to 2013-14
  • 887 Lakh rupees released to States/UTs for effective implementation of District Action Plans under BBBP programme
  • An amount of Rs 12727 lakh for Child Care Institutions and Rs 915 lakh for Specialized Adoption Agencies allocated under ICPS during 2014-15
  • Setting up of Special Juvenile Police Units under JJ Act, 2000
  • A sum of Rs. 400 lakhs and a total of 24000 beneficiaries covered under the STEP Scheme till date during 2014-15

Previous Date

 
Ministry of Finance14-December, 2012 15:33 IST
Government is Making Every Effort for Turnaround of the Economy and Creating Investor Friendly Climate - Finance Minister

 

 

            The Union Finance Minister Shri P Chidambaram has said that the Government is making every effort for turnaround of the economy and creating investor friendly climate. He further stated that external sector vulnerabilities are affecting the Indian economy because of the rapid globalization of the economy.  Shri Chidambaram was delivering this inaugural address at the Delhi Economics Conclave in New Delhi today.  Following is the text of his speech :

 

                    i.            “I welcome you to the Delhi Economics Conclave organized by the Ministry of Finance in collaboration with National Institute of Public Finance and Policy (NIPFP) and Confederation of Indian Industry (CII).  Let me congratulate the team in the Economics Division for organizing this conclave for the third successive year and thank NIPFP and CII for their support and cooperation.  I understand that, besides the plenary sessions on the first and second days, there are satellite conferences organized by other organizations as part of this Conclave.  Let me offer my thanks to those organisations too.

 

                  ii.            The theme of this conclave is “Reviving Growth”.  Nothing can be more topical.  As far as I know, this is the subject that is engaging the attention of all countries of the world.  Be it the G-7 or the G-8 or the G-20 or the G-24 comprising the developing countries, at every forum the prime topic of discussion is how to revive global growth.  The world economy is passing through its most difficult phase since 2008.  The Euro zone as a whole is, technically, in recession with negative growth in the second Quarter and the third Quarter of 2012.  Growth in the US has too slowed as a result of political uncertainty over the “fiscal cliff”.  Other major economies such as Japan and Brazil have seen their growth stalled.

 

                iii.            The emerging economies are affected not only because of the fall in international demand for their products, but also because of the severely diminished policy space they have to stimulate their economies after the crisis. Higher inflation and higher fiscal deficits make it hard for the emerging economies, with few exceptions, to resort to standard counter-cyclical measures.

 

                iv.            The immediate fallout has been a sharp deceleration in global economic growth.  As per the IMF’s World Economic Outlook, October 2012, growth in world output is expected to decrease to 3.3 per cent in 2012, from 5.1 per cent in 2010 and 3.8 per cent in 2011.  Advanced countries, as a group, are expected to grow only by 1.3 per cent, down from 3.0 per cent in 2010 and 1.6 per cent 2011. Emerging market and developing economies are expected to grow by a modest 5.3 per cent, as against 7.4 per cent in 2010 and 6.2 per cent in 2011.   There has been a sharp decline in growth all over the world since 2009.

 

                  v.            Global trade has also been affected. The volume of world trade (goods and services) is expected to grow by 3.2 per cent in 2012, after growing at 12.6 per cent in 2010 and 5.8 per cent in 2011.

 

                vi.            India’s GDP growth that was 8.4 per cent in 2009-10 and 2010-11, slipped to 6.5 per cent in 2011-12, partly due to the fallout of the euro zone crisis.  A closer look reveals that the slide in growth is correlated with the intensification of the euro zone crisis, which began worsening towards the middle of fiscal 2011-12. Since the first Quarter of 2011-12 when the GDP grew at 8.0 per cent, there has been a secular decline in the growth rate in every successive Quarter.  The growth rates in Q I and Q 2 of the current fiscal (2012-13) have been 5.5 per cent and 5.3 per cent respectively.  

 

              vii.            The performance of India’s external sector has also not been encouraging.  The country’s trade deficit was 10.3 per cent and the current account deficit 4.2 per cent of GDP in 2011-12. This was because, while export growth slowed considerably, imports continued to remain high due to high international oil prices and gold imports.  This is unlike the situation during the 2008-09 global crisis.  At that time, oil prices plunged following the collapse of Lehman Brothers in September 2008.  Further, the decline in imports was sharper than the decline in exports.  In my view, the present challenge is therefore different and calls for bold and innovative measures.

 

            viii.            External sector vulnerabilities are affecting the Indian economy because of the rapid globalization of the economy.    The economy is more open.  This can be gauged from the fact that the trade in goods and services, which was 22.9 per cent of GDP in the 1990s (i.e. the average for the decade), increased to 55.7 per cent of GDP in 2011-12.  Similarly, payments and receipts on the capital account, which were at 15.1 per cent of GDP in the 1990s, increased to 48.2 per cent of GDP in 2011-12.  As a result, global developments have an increasingly larger impact on the Indian economy through the trade and capital account channels. Besides, in the global environment of uncertainty and low investment, the impact is also transmitted to the economy through the confidence channel. 

 

                ix.            In such a situation of uncertainty and low investment, Government has been making every effort to turn the economy around and create a more investor-friendly climate.  We have taken a number of steps to encourage foreign direct investment, including allowing, recently, FDI in multi-brand retail, civil aviation and some broadcasting services. Against considerable opposition, we also raised the prices  of  certain petroleum products in order to contain the subsidy bill and to discourage over-consumption.   We have initiated measures to move all cash benefits to a technology-enabled platform so that the benefits are transferred directly to the bank accounts of the beneficiaries; we expect that the Direct Benefit Transfer Scheme will be a game-changer and will eliminate nearly all leakages, duplication and falsification and bring a greater degree of transparency and efficiency.  We are also addressing some tax issues that have created uncertainty in the minds of the investors and we have made it clear that our objective is to have clarity in tax laws, a stable tax regime, a non-adversarial tax administration, a fair mechanism for dispute resolution, and an independent judiciary.   Yesterday, the Cabinet took some important decisions.  Among them was a decision to set up the Cabinet Committee on Investment to quicken the pace of decision making in critical infrastructure projects.  The Cabinet also approved a landmark draft Bill on Land Acquisition and a  new investment policy for urea plants. 

 

                  x.            It is too early to say whether the measures have begun to bear fruit, although it is our expectation that they will do so.  Manufacturing PMI has risen to a 5-month high. Foreign portfolio capital inflows have been robust in the last few months, amounting to USD 21 billion up to November 30 this calendar year. The stock markets leading indices have risen by about 11.5 per cent between August 1 and December 13, 2012, pointing to growing investor confidence and the return of the small investor. While headline inflation has moderated to 7.5 per cent, inflation measured by the consumer price index remains sticky at 9.9 per cent.  There is no reason at all to become complacent.

 

                                        xi.            What scope is there for international co-operation in reviving growth, the theme of this conference?  In their declaration at Los Cabos earlier in the year, G-20 leaders declared that “all G20 members will take the necessary actions to strengthen global growth and restore confidence.”  

 

Dr. Manmohan Singh, Prime Minister of India, said at Los Cabos, “Infrastructure investment in developing countries assumes special importance in this context. It lays the foundation for rapid growth in the longer term, while providing an immediate stimulus for their economies and also for the global economy, by providing a robust source of demand.” 

 

He added, “An expansion of investment in infrastructure in developing countries is only possible if they can get access to long term capital to finance such investment. This is difficult at a time when capital flows are disrupted. The Multilateral Development Banks can play a major role in this context.” 

 

              xii.            I would like to remind this Conference that the G-20 Leaders asked their Finance Ministers and Central Bank Governors to consider ways in which the G20 can foster investment in infrastructure and ensure the availability of sufficient funding for infrastructure projects, including financing and technical support by the Multilateral Development Banks (MDBs).

 

            xiii.            However the fiscal challenges faced by the advanced economies give them little appetite to shore up the resources of the MDBs. On the other hand, gross savings as a share of GDP have increased significantly in a number of the Asian countries who are members of G20.  Keeping in mind these realities, I propose that the Asian G-20 countries, including China, Japan, South Korea, India, Indonesia, Australia and possibly Russia, should take the initiative to enhance the resources of the leading MDB in the region, the Asian Development Bank (ADB).  The ADB plays a crucial role in regional investment and development.  If we do that, the ADB will be in a position to play a greater and more defining role in regional infrastructure financing, which in turn will allow countries like India to contribute to a greater degree to domestic and world growth.  I appeal to the Asian G-20 members to come together in an effort to increase the resource base of the ADB so that we can co-operatively carry forward the G-20 agenda.

 

            xiv.            India weathered the crisis very well in 2008 and I am confident that the steps we have taken – and some more steps that we will take in the next few weeks - will help turn the Indian economy around.  However, every country has to introspect on whether the domestic and external issues have been diagnosed correctly and whether the policy options have been exercised adequately and effectively.  What are we missing and what else do we need to do to ensure sustainable growth in the coming years? I am sure with the distinguished group of invited speakers with diverse backgrounds, the questions discussed in this Conclave and the answers that will be thrown up will serve as useful policy inputs for us in the Government, especially the Ministry of Finance.

              xv.            Let me once again congratulate the organizers in bringing together a galaxy of experts from different areas and from different parts of the world to discuss the crucially important issue of how to revive growth.

 

 

            Organised by the Department of Economic Affairs, Ministry of Finance Ministry, Government of India the opening session of the conclave was attended by Shri Tharman Shanmugaratnam, Deputy Prime Minister and Finance Minister, Singapore, Shri Pravin J. Gordhan, Finance Minister, South Africa and Dr. Sarath Amunugama, Senior Minister for International Monetary Cooperation & Deputy Minister  of  Finance and Planning, Sri Lanka, Dr. C. Rangarajan, Chairman, Economic Advisory Committee (EAC) to PM, Dr. Arvind Mayaram, Secretary, Economic Affairs, Dr. Raghuram G. Rajan, Chief Economic Adviser besides delegate from India and abroad.  The theme of this year’s Conclave is ‘Reviving Growth”.

 

            The conclave will be continuing till December 21, 2012. After the plenary sessions during the first two days, satellite conferences will be held on various issues related to finance and economy. 

 

 

DSM/RS/NK

 


(Release ID :90688)

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