The global economic situation is "grim" and "worrisome" and that has prompted the nations to put up "firewalls" around their own systems to save themselves from the slowdown and grow within the limitations, Finance Minister Arun Jaitley has said.
The International Monetary Fund (IMF) on Saturday made out a case for Asian countries like India to adopt a supportive monetary policy and growth-friendly fiscal measures to combat the impact of global economic woes.
Opening the two-day India Investment Summit 2016, Arun Jaitley highlighted opportunities the country presents to investors and sought investment in sectors like road, highways, oil&gas, urban infrastructure and railways.
PM Modi said government had taken a number of steps to remove long pending concerns of investors, including expediting regulatory clearances, increasing the validity period of Industrial Licences across the board and delicencing a number of defence items.
Reserve Bank Governor Raghuram Rajan on Thursday said it was a 'worthwhile ambition' to pursue Make In India campaign but cautioned that the whole effort should not be made towards producing for overseas markets as global slowdown could create problems.
Sales volume in the real estate sector in the city during the last one year witnessed a 33 percent decline owing to the impact of global slowdown due to high inflation and negative buyer sentiments, research firm Knight Frank said today.