| Arun Jaitley Last Updated: February 27, 2013 | 00:00 IST  Leader of the Opposition in Rajya Sabha, Arun Jaitley It is a matter of serious concern (the Economic Survey pegging the current economic growth rate at 5 per cent). It brings us close to reality. When the RBI (Reserve Bank of India) had recently said that the economic growth rate had fallen to 5 per cent, the government had expressed serious concerns on the veracity of that report. Now, the Economic Survey reconfirms it. This is a warning bell; from a 9 per cent growth situation, we are down to a 5 per cent situation. At this growth rate, the current social security and poverty alleviation schemes cannot be sustained. It is time that the polity drew up a programme on how to get back to the 9 per cent growth (curve). Unless we achieve a growth rate of 9 per cent for over a decade, we will not see a dip in poverty figures nor will the government have enough money in its pocket to even sustain the (current) poverty alleviation programmes. Also, the manufacturing policy alone will not give a fillip to the manufacturing sector. What is needed is a series of manufacturing sector reforms so that India becomes a competitive as well as low-cost manufacturing hub. At the moment, there is global competition among low-cost economies and India needs to be featured in that scenario. I anxiously await the Union Budget on Thursday morning to see what kind of programmes the Finance Minister (P. Chidambaram) outlines.  via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNGBgdPmub1_oBPSCtXvhVXaUPYPbw&url=http://businesstoday.intoday.in/story/economic-survey-reaction-9-per-cent-growth-arun-jaitley/1/192867.html | |||
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Wednesday, 27 February 2013
Time to get back to 9 per cent growth: Arun Jaitley - Business Today
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