Unit 2 12.4B Indian Economy (George's)
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Rupee seen slipping back to 70: Why it's good for India's economy

Rupee seen slipping back to 70: Why it's good for India's economy | Unit 2 12.4B Indian Economy (George's) | Scoop.it
Indian stock markets may be on a roll, hitting new highs every day since last Wednesday; but the rupee is virtually where it was, flickering in the 61-62 range. Experts have a proratable view on...
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Indian economy will turn a corner by March 2013: Montek

Indian economy will turn a corner by March 2013: Montek | Unit 2 12.4B Indian Economy (George's) | Scoop.it
In the interview, Mr. Ahluwalia said that the immediate priority for the government was to show that the Indian economy, which is facing the risk of downgrades from rating agencies, is turning around.

Via Shivani Mohan
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G20: Time to switch to economic slowdown — RT Op-Edge - RT News

G20: Time to switch to economic slowdown — RT Op-Edge - RT News | Unit 2 12.4B Indian Economy (George's) | Scoop.it
The current Indian financial crisis is being compared to the 1991 crisis when the Indian economy had tanked to its worst imaginable depths. In 1991 India had infamously slid to the worst-ever external payment crisis when ...
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A Housing Slump in India - New York Times

A Housing Slump in India - New York Times | Unit 2 12.4B Indian Economy (George's) | Scoop.it
New York Times
A Housing Slump in India
New York Times
The real estate market in cities across India is crumbling as the Indian economy slows. The rupee has dropped nearly 20 percent against the dollar since early May, scaring away foreign investors.
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India likely to become 3rd largest economy by 2030: Report

India likely to become 3rd largest economy by 2030: Report | Unit 2 12.4B Indian Economy (George's) | Scoop.it
NEW DELHI: India is likely to become the third largest economy by 2030 behind China and the USA, a Standard Chartered report said while projecting that the world is in the midst of an economic...
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Economic reforms positive for India's credit worthiness: Fitch - The Economic Times

Economic reforms positive for India's credit worthiness: Fitch - The Economic Times | Unit 2 12.4B Indian Economy (George's) | Scoop.it
The recent slew of measures, including FDI in retail and diesel price hike, will support India's long-term growth prospects, said Fitch.

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Indian Economy and the Crisis of a Borrowed Development Strategy | Mainstream

Indian Economy and the Crisis of a Borrowed Development Strategy | Mainstream | Unit 2 12.4B Indian Economy (George's) | Scoop.it

The economic growth rate has been falling continuously while the consumer price inflation, current account deficit in the external sector and fiscal deficit in the Budget remain at high levels. The lack of confidence in the Indian economy is manifested by the sudden and sharp decline in the value of the rupee vis-a-vis the dollar in spite of the steps taken by the government and the Reserve Bank of India. The stock markets are also fluctuating wildly reflecting the uncertainty in the minds of the investors— both Indian and foreign. The policy-makers appear to be helpless.

 

The government has tried to talk the markets up but with little effect. The PM, Finance Minister, Deputy Chairman of the Planning Commission and Economic Advisor to the PM have all made pronouncements that the economic recovery is around the corner. These predictions over the last two years have been belied as the data in the Table shows. The rate of growth has fallen quarter after quarter since the fourth quarter of 2010-11.

 

It is true that the rate of growth is still good compared both to that of most other countries in the world or to the projections by the IMF (and others) of the expected rate of growth of the world economy. This growth is also comparable to India’s historical growth rate since independence. However, the current growth path is not comparable with that prior to 1991 because that was not creating inequality and unemployment which the current marginalising growth has been doing.

 

Post-1991, growth has been fuelled by the private corporate sector with highly capital intensive technology which does not generate much employment and also increases inequality in the economy. Most of the gains have been cornered by a few leaving little to trickle down to others. This is especially true for the marginalised sections like the unorganised sectors and especially the agricultural sector which still deploys more than half of the work force. The impact of the slowdown in the growth rate is that what trickles down becomes even less and those at the bottom of the pyramid suffer even more.

 

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Via Chuck Sherwood, Senior Associate, TeleDimensions, Inc
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