India's Union Finance Minister Pranab Mukherjee has said that the government will announce new steps to boost the falling economic growth in the country and improve the market conditions on Monday.
"The steps we have taken... And we will be able to take certain measures to be announced on Monday which will improve market condition," he said.
India's GDP growth has fallen to its lowest level in 9 years to 5.3 per cent for the fourth quarter of the financial year till March 2012. The GDP growth for the same quarter of 2010-11 was 9.2 per cent, showed the latest data announced by the company.
The industry has said that the falling economic growth should act as a wake up call for the governemtn to take some steps. The India Inc has also expressed disappointment over the decision by the RBI to keep its interest rates unchanged.
Mukherjee who would be resigning tomorrow said that he knows that the GDP rate has fallen, there is inflationary pressure and the value of rupee has depreciated. But, he said that he is concerned about the situation but is not depressed. He pointed out that the global economy is facing trouble and no economy is untouched.
- Essar Oil to sign $1 billion financing co-operation deal with CDB
- ONGC may sell stakes in deep-water blocks to Shell
- Huge scope for improving Indian shale gas estimates: ONGC
- HPCL Visakha refinery suffers major fire due to short circuit
- No refills for multiple cooking gas connection holders from June 1