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Indian economy's performance not as bad as one feels: Prasad

Last Updated: Friday, August 17, 2012 - 18:10

Chennai: The performance of Indian economy is not "as bad as one feels" when compared with other countries, a senior government official said on Friday.

"When one travels abroad, he realises that the Indian economy's performance is not as bad as one feels," Senior Economic Adviser at the Finance Ministry H A C Prasad said, adding that there is appreciation for the economy.

"Indian economy's performance is not that bad as one feels... Compared to other economies, our export is not that bad," he said.

He was speaking at a seminar on 'Current Global Scenario - Problems and Prospects of Indian Exports', jointly organised by the Federation of Indian Export Organisations and Madras Chamber of Commerce and Industry.

"Possibly to come out of this gloom, what I would recommend to you is just go outside India once. If you do so, then they will say, 'See how the Indian economy is doing... Indian economy's performance is not that bad as one feels," he said.

Stating there is appreciation for the Indian economy even on Friday, he said one should know the hard facts and the 'hard realities' of life in this situation. "But yet let us not go into that gloom".

On the price situation, he said, "Inflation was 9.56 percent in 2010-11, 8.94 percent in 2011-12 and 6.95 percent in July, 2012. So it is down. It may be a one off figure, but we have to wait for next month. But still inflation has started to come down. But inflation again depends on fuel (consumption)".

PTI

First Published: Friday, August 17, 2012 - 18:10
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