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Updated: August 31, 2013 22:08 IST

Fundamentals of economy remain strong: Sharma

Special Correspondent
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A file photo of Union Minister of Commerce and Industry, Anand Sharma.
The Hindu
A file photo of Union Minister of Commerce and Industry, Anand Sharma.

Despite India’s high fiscal and current account deficits, Commerce and Industry Minister Anand Sharma, on Saturday, asserted that the fundamentals of the economy remained strong.

 “An atmosphere of gloom is being created unnecessarily through speculative hammering, and we need to overcome this despondency and negativity,” he said at a function organised by the Federation of Indian Export Organization (FIEO).

 A day after the country reported a 4.4 per cent growth in GDP, the lowest in four years, the minister said that India’s GDP would grow by 5.5 per cent during the current fiscal and export performance would be better.

 “Regardless of the GDP numbers released yesterday (Friday), I am confident that India’s GDP growth will not be less than 5.5 per cent this year,” he said .

  He said exports had done well in the first four months of this fiscal, but did not reveal any numbers.

The Minister said the government has taken several measures to push merchandise exports to earn foreign exchange.

 Earlier, speaking at the CHEMEXCIL Export Awards function on Friday evening, Mr. Sharma had said that India would remain among the top three destinations for foreign investment in spite of the economic downturn. 

  He asserted that India’s growth story could not be written off and that there was no reason to panic.

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Very often , i come across the phrase "Fundementals are strong"... what does it mean??? wHat are they refering to???

from:  ashok
Posted on: Sep 3, 2013 at 12:36 IST

Sir, Like the Chinese do- Produce -manufacture everything IN HOUSE -all locally.
Export to the world the finest quality products and earn revenue while generating mass employment.
Every 29 state of India is unique.They are like nations by itself.
-We have eh demand
-we have the people- to work.
-we have the resources.
-we have the money
we just put together technology- skills and management.
Give targets to every state based on their resources available locally in every state.
ex: Iron ore: build steel mills and all down stream industries which use Steel as base metal :
there are thousands of products one can mfg.
Invite small businesses to set up units.
ex: nuts /bolts/screws/hardware/equipments .
Open cos like home depot to market thru out the nation : ONE STOP SHOP.
Establish R&D units: design units to:
Affiliate technical/engineering colleges to develop products.
now that we have started production of :Boats:ships: naval crafts,
sub marine s,satellites,amphibian tanks etc.

from:  thomas
Posted on: Sep 3, 2013 at 11:54 IST
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