The Hindu : Economy 'doing fine'

Online edition of India's National Newspaper
Wednesday, Jul 16, 2003

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Economy 'doing fine'

By Our Special Correspondent

NEW DELHI JULY 15. The Finance Minister, Jaswant Singh, today said that the economy was doing fine, with the manufacturing sector and exports recording impressive growths and the inflation in single digit.

During the conference of the Chief Commissioner and Directors-General of Income Tax and Customs and Excise here today, Mr. Singh flagged the important parameters such as rain, inflation, foreign exchange reserves, manufacturing, services and imports and exports.

"By the grace of God, so far rains are encouraging, inflation is in single digits and the forex reserves are buoyant. Imports registered a 19 per cent growth in the first two months of the current year and exports grew at 11 per cent. This augurs well for revenue collections."

The Minister said that last year there was unprecedented drought in some parts of the country besides the Gulf War and the stand-off with the neighbouring country. "The Gulf War is over, the drought is over. Our granaries are full," he said, adding that there was not a single case of starvation death.

"India has to move from there. Even in a desert in Rajasthan, people have 20 to 30 bags of wheat which they have earned by a programme. It is remarkable achievement by India.''

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