Kolkata, Nov. 26 (ANI): Kolkata''s jewellers are all smiles despite the global slowdown being suffered by markets across the world. The goldsmiths here didn’t shift to machine-made jewellery but adhered to their handmade process.
This decision, which was once believed as the main reason for their backwardness by several people, is today reaping them rich dividends.
When the US market was booming, jewellers in other parts of India and the world started mass production of low-carat gold jewellery, which was the craze in the United States. But now with the recession in the US there are no takers for that.
The fiscal deficit of the government has increased to Rs 1,17,070 crore till October 2008. Its revenue is decreasing while spending is continuously increasing, causing heavy burden on the state exchequer. The fiscal deficit amounts to 88% of the targeted deficit estimated in the budget. 
In the Q-2 of 2008-09, Indian economy grew at 7.60 per cent, as compared to 7.9 per cent in the previous quarter. In the year ago period, the services sector growth was at 9.6 per cent. 
The inflation rate continues to fall in the third consecutive week. It now stands at 8.84 per cent during the week ended November 15 from 8.90 per cent in the previous week. It would bring more respite for the union government who is facing criticism on price rise and internal security issues. However, inflation rate is still high and above the comfortable limits fixed by the reserve bank. It was at 3.35 per cent during the same week of last year. 
The ongoing financial crisis would not impact the flow of foreign direct investment (FDI) in India. The country is still optimistic to attract more FDI due to strong fundamentals of Indian economy. The views were expressed by the Commerce and Industry Secretary, Ajay Shankar.
The Planning Commission of India is optimistic to achieve 7 per cent growth rate in the current fiscal despite global slowdown. It wants more investment in public sector infrastructure to boost demand at local level. Planning Commission deputy chairman, Montek Singh Ahluwalia said that the commission would recommend more investment in public sector infrastructure projects as private investors are reluctant to invest due to fears of further slowdown. He was speaking at the Economic Editors' conference held in New Delhi.
