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India on global economic map

NEW DELHI: Asserting that “India has arrived on the international economic scene,” Pranab Mukherjee, External Affairs Minister, who is holding charge of Finance, on Monday said that notwithstanding the global financial crisis and recession, India had posted a 45 per cent growth in foreign direct investment (FDI), receiving $23.3 billion between April and December 2008 over the same period in the previous year.

Even during 2007-08, India’s FDI was a record $32.4 billion. Presenting the ‘interim budget’ in Parliament, Mr. Mukherjee said the 7.1-per cent rate of GDP growth in the current year made India the second fastest growing economy of the world. The fallout of global slowdown on Indian economy was countered with fiscal stimulus packages announced in December 2008 and January 2009 giving tax and duty relief.

Mr. Mukherjee said that to keep the economy kick started, the Government had accorded approval to 37 infrastructure projects worth Rs. 70,000 crore from August 2008 to January 2009. As for the public private partnership model, in-principle approval had been given to 54 Central sector infrastructure projects with project cost of Rs. 67,700 crore and final approval to 23 projects amounting to Rs. 27,900 crore between August 2008 and January 2009.

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