FDI inflows slam doubters |
Despite negative global cues, the India story is well on track as a result of prudence, sound policy and effective management on the part of the government, Prime Minister Narendra Modi said on March 28. Programmes undertaken by the NDA government, he asserted, are aimed at creating more employment as well as to carry out administrative and policy reforms for sustained growth.For India to be at the top of global growth tables is an unusual situation. Obviously, there are some who find that difficult to digest and come up with imaginative and fanciful ideas to belittle that achievement. The fact is that India’s economic success is the hard-won result of prudence, sound policy and effective management,” he said at the Bloomberg India Economic Forum. Between 2008 and 2009 crude oil prices fell steeply from a peak of $147 per barrel to less than $50. This was a steeper fall than between 2014 and 2015. Yet in 2009-10, India’s fiscal deficit, its current account deficit and its inflation rate, all got substantially worse. And this slide was from a higher base figure for all three. But in 2015-16, all three have improved, from a lower base, Modi said. Many other emerging economies also depend on imported oil.
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