Well a detail interview on moneycontrol amust read for Finance students
Finance Minister P Chidambaram speaking on the effect of the current global crisis on India said that there have been recessions in the past but added that the current recession threatens to last longer and deeper than before. He said that India does not have a problem but is bearing the brunt of the spillover of this global recession.
Chidambaram said that 60-65% of India’s workforce depends on agriculture and he expects a bumper crop this year and feels it will continue to grow at a robust space.
Chidambaram is confident that India will see a good growth rate at the end of this year and said that his lowest estimate of GDP is 7%.
“In the last sixty days both the government and the Reserve Bank of India (RBI) have moved swiftly to take steps that will ensure adequate liquidity is provided to industry. “ However, Chidambaram said that providing liquidity is not the panacea for the current crisis. “Providing liquidity is only the first step, the second is ensuring appropriate price and the third step is ensuring that at that price credit is actually delivered to industry.”
Read more: Moneycontrol >> News >> Economy >> See longer, deeper global recession but India to cope: FM
Finance Minister P Chidambaram speaking on the effect of the current global crisis on India said that there have been recessions in the past but added that the current recession threatens to last longer and deeper than before. He said that India does not have a problem but is bearing the brunt of the spillover of this global recession.
Chidambaram said that 60-65% of India’s workforce depends on agriculture and he expects a bumper crop this year and feels it will continue to grow at a robust space.
Chidambaram is confident that India will see a good growth rate at the end of this year and said that his lowest estimate of GDP is 7%.
“In the last sixty days both the government and the Reserve Bank of India (RBI) have moved swiftly to take steps that will ensure adequate liquidity is provided to industry. “ However, Chidambaram said that providing liquidity is not the panacea for the current crisis. “Providing liquidity is only the first step, the second is ensuring appropriate price and the third step is ensuring that at that price credit is actually delivered to industry.”
Read more: Moneycontrol >> News >> Economy >> See longer, deeper global recession but India to cope: FM