India was hit hardest, but recovery also strongest: Anand Sharma

[śūnya_0_Zero]

ONBOARD PM'S SPECIAL AIRCRAFT: India took the hardest hit during the recent financial market turmoil, but the country has also staged the "strongest recovery", Commerce and Industry Minister Anand Sharma said today.

Despite all the volatility, Indian markets have sharply rebounded, he added.

"In the last few months, despite all the volatility, our markets have rebounded sharply. We took the hardest hit, but we have also staged the strongest recovery in markets as well as currency values.

"The stronger recovery has been of India's, which is not being talked about," he told reporters on the way back from Indonesia as part of Prime Minister Manmohan Singh-led high- level delegation.

Uncertain global economic conditions, combined with outflow of foreign funds from stock markets, among other factors, saw rupee plunging to nearly 70 against the US dollar. Besides, there were significant volatility in the capital market.

However, in recent weeks, the rupee has recovered and is trading at little over 60-level against the dollar. The government has also initiated various measures to boost the economy.

Stating that growth in FDI has been robust, Sharma said in the last four years, the country received USD 174 billion, whereas the total flows were USD 296 billion since 2000.

"This year as well, we are doing very well on FDI front, and therefore the CAD (Current Account Deficit) issue will be addressed.

"Also, we have brought down the unnecessary imports and the exports have been in positive double digit growth in last three months," the Minister said.

On whether there would be interest rate cuts for the industry, Sharma said it would depend on many factors and the decision was to be taken by the Reserve Bank of India.

"However, the government is expanding the list of priority sectors that would get interest rate subvention, so that the issue is covered in a different manner and the funds are not a problem for important sectors," he said.

Regarding the latest industrial production numbers, Sharma said that it "takes time for the sentiments to improve and the manufacturing sector to rebound".

Industrial production growth rate dropped to 0.6 per cent in August after some signs of improvement in the previous month.

India was hit hardest, but recovery also strongest: Anand Sharma - The Economic Times

 

[Götterdämmerung]

An economy that is even smaller than Italy (pop 60 m) and still got hit hard. Well, it's easy to double from 1 than from 100, right?

 

[śūnya_0_Zero]

An economy that is even smaller than Italy (pop 60 m) and still got hit hard. Well, it's easy to double from 1 than from 100, right?

As usual .. another stupid post from you.

 

[BigDaddyWatch]

The Indian currency has stabilized in recent weeks due to a combination of factors. One is of course the taper in the US that didn't happen. Second are the measures that the new central bank chief has brought in. And third is that the Indian government seems finally to be succesful in cracking down on gold imports. Which has helped to reduce India's trade deficits. At its low the INR was about 68,8 to the USD and now its around 62 to the USD. But no structual reforms has been brought in since then and the weak industrial output and the falling oil imports still points to a very weak economy.

 

[Götterdämmerung]

As usual .. another stupid post from you.

And all you smartarse can do is attack the me but have nothing to counter my argument? LOL

Fact is: Italy pop 60 m/ India pop 1.2 billion and yet India has a smaller economy than Italy.

 

[śūnya_0_Zero]

And all you smartarse can do is attack the me but have nothing to counter my argument? LOL

Fact is: Italy pop 60 m/ India pop 1.2 billion and yet India has a smaller economy than Italy.

Italy is still too small to hide the size of your stupidity.

Try something else.. albeit, that your tiny brain isn't capable of doing that, is a different thing.

 

[Götterdämmerung]

Italy is still too small to hide the size of your stupidity.

Try something else.. albeit, that your tiny brain isn't capable of doing that, is a different thing.

And your stupidity is as obvious as Italy's economy > India's.

I might have to hide behind the 60 million Italians, but you are hiding behind 1.2 bloody billion Indians and you are still fully exposed.

 

[RoYaL~GuJJaR]

chines rants on this website are really funny!

They should always remember that, what was the size of there economy just 10 years ago!!

They were at the same position as we are now!!

These guys are acting like as if they were always 8 trillion $ economy!!

 

[Götterdämmerung]

chines rants on this website are really funny!

They should always remember that, what was the size of there economy just a 10 years ago!!

These guys are acting like as if they were always 8 trillion $ economy!!

LOL

The only Chinese in this thread until now has been bigdaddy and his post is well written. 10 years ago, our economy was third biggest and much bigger than Chinese economy. We just slipped down one place with a pop of 80 million and still twice as big as India.

 

[Srinivas]

Chinese economy is hugely inflated they always manipulate stats, I think chinese economy is 30 to 50 % inflated.

 

[RoYaL~GuJJaR]

LOL

The only Chinese in this thread until now has been bigdaddy and his post is well written. 10 years ago, our economy was third biggest and much bigger than Chinese economy. We just slipped down one place with a pop of 80 million and still twice as big as India.

Err...

I never quoted GutterBug! Unless you consider yourself as a Runaway citizen of "ever always rich" shupa Dhupa Paowa china...

 

[śūnya_0_Zero]

The good thing is that iron-ore exports have been slashed by 54% so-far, while the overall exports have risen:

India's iron ore exports drop 54% to 6.8 mn tonnes during April-September | Business Standard

High exports, low imports narrow trade deficit in September - The New Indian Express


Standard Chartered Bank lowers CAD projection to USD 45 billion in FY 2014 | Deccan Chronicle

India's forex reserves jump $1.46 bn to $277.7 billion - Economic Times

 

[Götterdämmerung]

Err...

I never quoted GutterBug! Unless you consider yourself as a Runaway citizen of "ever always rich" shupa Dhupa Paowa china...

Of course not, but since there was only one Chinese replying in this thread and you used the word "chines" in plural and all you losers have been accusing me being Chinese, Pakistani, Bangladeshi depending on the subject, it is just logical that you were addressing me as well.

I never considered China being a super duper power and never heard their politicians or ordinary citizens spewing this kind of BS. On the other hand, just type in super power India, either on facebook or google and you get tons of results – practically all posted by Indians.

India's forex reserves jump $1.46 bn to $277.7 billion - Economic Times

That is a jump of 1.xx USD per Indian. Wow, Indians are rich!

 

[[Bregs]]

BSE Sensex strengthens 613 pts on Infosys results, capital inflows


BSE Sensex strengthens 613 pts on Infosys results, capital inflows - Indian Express

 

[BigDaddyWatch]

chines rants on this website are really funny!

They should always remember that, what was the size of there economy just 10 years ago!!

They were at the same position as we are now!!

These guys are acting like as if they were always 8 trillion $ economy!!

Its true that India's economy today is where China roughly was between 2003 and 2004. But the difference between China and India's economy is that China throughout this period had a current account surplus while India is constantly having a current account deficit. China was growing in a period were outsourcing of jobs to poorer countries was seen as part of the natural development and China could easily export products back into those countries. Neither of the 2 is true today. So for India to grow in the future will be harder. Can India over the next decade grow at 9 to 10% a year ? Perhabs, but its difficult for me to see how that will happen. And where that growth will come from for India. And can the Indians that always say that Indians growth model is much more sustainable than China's explain why in recent years India's growth and currency has fallen so hard ?

Chinese economy is hugely inflated they always manipulate stats, I think chinese economy is 30 to 50 % inflated.

Did you just pull those figures out of your a**? The country that has been inflating its economic prospects is the country that has seen its currency fall double digits over the past 2 or 3 years.