Government Monday said revenue collection will fall short by Rs 50,000 crore but expressed confidence that economic growth will exceed 7.5 percent, with fiscal deficit remaining within the budgeted target.
Reforms aimed at enhancing financial sector access to the unserved and under-served, improving transparency in government decision-making and making it easier to do business will play an important role in pushing growth up over the next two to three years, according to the report.
Describing the Reserve Bank of India`s 50 basis points cut in its short term lending rate as more than what markets expected, international credit ratings agency Moody`s on Tuesday said the move indicates the RBI wanted to give an "aggressive stimulus" to subdued growth trends.
The government will not wait for the Budget and will continue with reforms measures to make India an attractive investment destination, Economic Affairs Secretary Shaktikanta Das said while expressing optimism that the growth in the current fiscal will exceed 7.5 percent.
India is likely to become the fastest-growing emerging market this year and its potential growth could rise to 8 percent over the next five years driven by Technology, gains in Education and Ease of doing business due to less red tape, Goldman Sachs said today.
With July factory output data showing significant uptick year-on-year, the Finance Ministry Friday said the manufacturing sector is slowly emerging as a leader of the industrial growth and the economy is improving steadily.
China Wednesday announced proactive fiscal policies aimed at stabilising growth in the world's second largest economy as it grappled with industrial overcapacity, sluggish demand, struggling exports and a volatile stock market.
China will adopt "stronger" fiscal policies to support growth, Beijing said as it seeks to sooth increasing fears about the world`s second-largest economy following turmoil in domestic and overseas markets.
The 19-nation eurozone grew by 0.4 percent in the second quarter, official data showed on Tuesday, revising upward a first estimate that triggered worry the crisis in Greece had destabilised growth in Europe.
When Kangana Ranaut looks back at her career, she smiles with pride. The "Queen" star says that while she has grown strength by strength from B-grade cinema to being the "number one actress of the country", she considers that her contemporaries "have had no growth".
The European Central Bank cut its growth and inflation forecasts on Thursday, warning of possible further trouble from China and paving the way for an expansion of its already massive 1 trillion-euro plus asset-buying programme.