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'Negative narrative' cast adverse impact on economy: Sharma

Last Updated: Saturday, August 31, 2013 - 22:57

Jaipur: An atmosphere of 'negative narrative' in the country cast adverse impact on the economy and contributed to the present crisis, Commerce Minister Anand Sharma said Saturday.

"Present state?of economy is a matter of concern for all but rupee is not the only currency which has been impacted. It is a global crisis and other economies have also been affected. But, in India, atmosphere was made negative.

"Atmosphere of negative narrative was made in the country. Presumptive theory was followed, particularly in the case of 2G spectrum allocation. Question mark was put on government's move and decisions which proved to be a negative aspect," he told reporters here.

He said that foreign direct investment in the country during the UPA-I and II rule was approximately 268 billion USD which, he said, remained high as compared to previous years.

"Due to certain hurdles and problems, we despite substantial reserve of coal within the country, had to import coal which had a negative impact on the current account deficit," Sharma said.

He said the economy has strong macro-economic factors.

"We also have high rates of national saving and national investment (31 and 35 per cent respectively), and also received remittance of USD 70 billion. The need today is to have confidence and to improve atmosphere," he said.

Sharma was in the city to review progress of Delhi-Mumbai Industrial corridor.

He said that two National Investment and Manufacturing Zones out of total 8 sanctioned for the entire DMIC project have been proposed in Rajasthan from where 39 per cent of the corridor will pass from the state.


First Published: Saturday, August 31, 2013 - 22:57
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