World Bank chief economist Kaushik Basu has said that the India is not a prime target for downgrading the economic rating as the government has started implementing key reforms in Asia's third largest economy.
Flexible labour laws will help India's both organised and unorganised sectors and spur economic growth, World Bank chief economist Kaushik Basu has said.
Dr. Basu said that India's labour market is over-regulated and added that the strict labour laws were hurting the country's economic growth.
The World Bank on Wednesday announced the appointment of Kaushik Basu as its new Chief Economist. Sixty-year-old Mr. Basu, who most recently served the government of India as chief economic adviser, will replace Justin Lin, whose term will expire on 1st of June.
Jim Yong Kim, president of World Bank Group, said in a statement that Mr. Kaushik Basu's first hand experience in the Ministry of Finance, in addition to his notable academic achievements, would be a great asset to the institution.
Dr. Kaushik Basu, Chief Economic Advisor, Government of India has said that he expects the inflation in the country to moderate by September this year.
He said during a workshop on 'The Indian Economy and the Economy Survey' in Chennai that the inflation is expected to soften by September. He pointed out that the ministry expects the September inflation to be below 7 per cent.
Chief Economic Advisor Kaushik Basu is expecting the Indian economy to return to a high growth rate trajectory from October of this year.
Dr. Basu said, "We want to work hand-in-hand with industry. There is [an] element of trust problem between industry and the government that has happened. Over the last several months, we were trying to correct it and we will try to correct this as much as possible in the coming months."
Dr. Kaushik Basu, Chief Economic Advisor, Government of India has said that the slowdown in the Indian economy was caused by the crisis in the eurozone and some missteps by the government.
While delivering the commemorative lecture at the Export-Import Bank of India, he said that the policy to address the slowdown and fiscal deficit has to be changed. He also warned that the impact of a break in the euroze would be significant and India is not insulated from it.
According to Mr. Kaushik Basu, chief economic adviser in the finance ministry, the country’s financial system will grow at 7.6% in the financial 2012-13.
"India should continue to aim to bring down debt-GDP ratio," Mr. Kaushik said.
The economic system probably developed 6.9% during the last financial year, its dimmest in three years.
Mr. Kaushik stated that the volatility of the Indian currency was a big worry and that the administration was watching it in an attentive manner.
Kolkata, April 8 : Chief Economic Advisor Kaushik Basu has forecast a below seven percent overall inflation for India in April and said the figure will go down to five percent over the next couple of months if food prices do not rise sharply.
"In the month of February, inflation was 8.3 percent. I think it was hovering around 8 percent in March," Basu said at a programme at the Bengal Chamber of Commerce and Industry here Thursday evening.
According to the Chief Economic Advisor at finance ministry Kaushik Basu, the economy grew by nearly 8.6% for the January-March quarter and going forward the estimates are even higher as the minister believes that the economy will touch the upper band of the 8.25% to 8.75% in the coming quarters.
Moreover, Basu further added that the ministry was confident of the economy touching a growth rate of 10% in the next four years despite the fact that the Indian economy is still recovering from the effects of the 18-month long slowdown.
Kolkata, Dec 19 :Kaushik Basu, the newly appointed chief economic advisor in the union finance ministry, Saturday said 7-7.5 percent GDP growth is "pretty achievable" for the country in fiscal
"I think 7-7.5 percent GDP growth is pretty achievable because the last quarter growth has been 7.9 percent. It's higher than what was expected," said Basu, who assumed charge Dec 8.
He was in the city to attend the annual reunion of Alumnorum Societas (St. Xavier's School Old Boys Association).
Kolkata, Dec 19 : Measures like de-hoarding and imports of selective items can tame the country's soaring food inflation, a senior finance ministry official said Saturday.
"Inflation is a concern. The inflation is not by aggregate excess demand. So there is no great need to pull back on aggregate excess demand, which would have caused the growth rate to drop," Chief Economic Advisor Kaushik Basu said.
Inflation has to be corrected primarily through interventions in the food market, which should not dampen the aggregate growth impetus of the economy, he added.
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