Nifty99000 100%

Sensex99000 100%

Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
RSS

News

Government in process of changing India’s economic environment: Jaitley

Author: IANS/Tuesday, September 26, 2017/Categories: Government

Government in process of changing India’s economic environment: Jaitley

New Delhi - Acknowledging the dip in the country's growth rate, Finance Minister Arun Jaitley said that the government was in the process of undertaking measures to change the "environment" and provide a boost to the Indian economy.

"The growth rate has been fine except in the last quarter, where there has been a little dip in the GDP growth rate. During April-June, services sector improved, but manufacturing brought it (growth) down," he told reporters at the ongoing BJP National Executive Meet.

Pulled down by sluggish manufacturing, growth in the Indian economy in the first quarter of this fiscal fell to 5.7%, clocking the lowest GDP growth rate since Prime Minister Narendra Modi assumed office in May 2014. 

"Whatever steps are required to change the environment we are certainly in the process of addressing them," Jaitley added.

The Finance Minister said that the "environment" was a result of three factors. 

"This (low growth rate is due to three factors - (low) investment by private sector, which is also related to the ability of banks to support growth. Since GST (Goods and Service Tax) was announced to be rolled out from July 1, de-stocking took place in June and July. It resulted in higher sales, so services in fact went up," he said.

The government is said to be considering a financial stimulus package following a sharp fall in latest key macro indicators such as the gross domestic product (GDP) and industrial production as well as a widening current account deficit. 

On September 19, Jaitley had chaired a high-level meeting to review the economic situation and possibly discuss a financial stimulus package as the remedy for falling growth rate. The meeting was attended by Railway Minister Piyush Goyal, Commerce Minister Suresh Prabhu, Chief Economic Advisor Arvind Subramanian and Secretaries in the Finance Ministry -- Ashok Lavasa, Subhash Chandra Garg, Hasmukh Adhia, Rajiv Kumar and Neeraj Kumar Gupta. 

Print Rate this article:
No rating

Number of views (155)/Comments (0)

rajyashree guha

IANS

Other posts by IANS
Contact author

Leave a comment

Name:
Email:
Comment:
Add comment

Name:
Email:
Subject:
Message:
x

Videos

Ask the Finapolis.

I'm not a robot
 
Dharmendra Satpathy
Col. Sanjeev Govila (retd)
Hum Fauji Investments
 
The Finapolis' expert answers your queries on investments, taxation and personal finance. Want advice? Submit your Question above
Want to Invest
 
 

Categories

Disclaimer

The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

Subscribe For Free

Get the e-paper free