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The Finance Minister Shri Mukherjee was referring to the benchmark indices which lost 2.5 per cent as of 2 PM today as overseas markets declined on concerns over US’ third quarter growth and high yields on Spanish bonds. He said that in India, a day ahead of the expiry of the November futures contract, trading remains choppy. Regarding the rupee, the Finance Minister Shri Mukherjee said that the volatility in the Rupee is also keeping investors nervous, though today the rupee recovered from a low of 52.73 to trade at 52.12 per dollar.
I am very happy to be here today among some of the eminent opinion makers and leaders of our times who have come together to share their thinking at the Hindustan Times Leadership Summit 2011. I am also happy to see this annual event growing in stature. You have been successful in identifying issues of contemporary relevance and, more importantly, getting an interesting and a diverse panel of speakers for the Summit. I compliment you for that.
The Union Finance Minister Shri Pranab Mukherjee said though second quarter (Q2) estimates of the Gross Domestic Product (GDP) are low by our recent growth experience yet considering the current global context and the slowdown in the domestic industrial sector, the growth performance is not all that disappointing. Earlier the Central Statistical Organisation(CSO) has released the second quarter (Q2) estimates of the Gross Domestic Product. The GDP growth in Q2 2011-12 at factor cost and at 2004-05 prices is estimated at 6.9 per cent. With that the first half (H1) growth for 2011-12 amounts to 7.3 per cent in real terms.
The Government today said the unfolding of Euro Zone sovereign debt crisis has impacted the country through slowdown in Foreign Institutional Investment inflows and fall in the equity markets.This information was given in a written reply in the Rajya Sabha by the Finance Minister, Mr Pranab Mukherjee.
Finance Minister Pranab Mukherjee on Wednesday attributed the stock market crash to withdrawal of funds by foreign investors and depreciation of the rupee. Mr. Mukherjee told reporters in Delhi that, Markets have crashed because of continuous withdrawal of funds by Foreign Institutional Investors.
India’s Growth and Fundamentals are Strong and Look More Attractive in a World Confronting Problems; RBI is Closely Monitoring the Rupee Situation and will Do the Needful as Required, Says FM.
Finance Minister Pranab Mukherjee has said that the Reserve Bank of India is keeping a close eye on the value of rupee against dollar. Talking to reporters outside Parliament, Mr Mukherjee however said that RBI can not make much intervention as the rupee volatility is because of uncertainty in the international market. He added that the situation will improve if Foreign Direct Investments in the country increases.
The Union Finance Minister, Shri Pranab Mukherjee has said that listing provides an opportunity to the people of India to become shareholders in Central Public Sector Enterprises(CPSEs); while Government retains management control and at least 51% shareholding in the Government companies.
The C&AG’s role in the audit of social sector spending is particularly crucial. While the Government is committed to allocate the required resources for socio-economic development programmes for creating improved employment opportunities, better health and education capacities, improved water supply and sanitation, agriculture self-sufficiency and food security, we have to ensure that every rupee that is spent on these initiatives gets the best returns.
The Union Finance Minister Shri Pranab Mukherjee said that India today is among the fastest growing economies and widely believed to be steadily on the course to occupy a place among the top three economies of the world by the year 2050. However, the Finance Minister Shri Mukherjee cautioned that the recent developments in Euro-zone have heightened uncertainty in financial markets through-out the world. As a result, India’s short-term growth prospects have also been impacted, the Minister added. The Finance Minister Shri Mukherjee said that the post-global financial crisis, the world has seen most major economies facing an uphill task in engineering their recovery.
