Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: form 3cd :: due date for vat payment :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: cpt :: Central Excise rule to resale the machines to a new company :: VAT Audit :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: TDS
 
 
« Budget Extravaganza »
 With demonetisation inducing tax compliance will PM Modi cut tax rates in Budget 2017?
 State plan budget utilisation in Odisha
 Maharashtra wants budget advanced to February
 Coastal economic zones may get 10-year tax exemption in next Budget
 Why advancing the Union Budget date may not make much difference
 Govt keen 2017-18 budget should not clash with polls: Arun Jaitley
 Finance Ministry seeks industry suggestions on taxation for Budget
 Budget should focus on fiscal firm up
 Finance ministry keen to present Budget on February 2 or earlier
 Poor railway performance may mar merged Budget
 Cabinet’s formal nod to be sought for Budget on Feb. 1

India's economy to expand by 8.5% in FY'11: PM
May, 24th 2010

Prime minister Manmohan Singh today said the economy is expected to grow by 8.5% this fiscal and the country was capable of achieving 10% expansion in the medium term.

The forecast comes on top of an estimated 7.2% growth in 2009-10, the year that saw India weather the effects of the global economic crisis.

"We need a rapidly growing economy to generate productive employment and also resources to finance our ambitious social
and economic agenda," Singh said at a national press conference here to mark completion of one year of UPA-II in
office.

Growth had slipped to 6.5% in 2008-09 at the height of the economic crisis triggered by collapse of financial institutions in the West.

"Our medium term target is to achieve a growth rate of 10% per annum. I am convinced that given our savings and investment rates, this is an achievable target," Singh, regarded as the architect of India's financial reforms, said.

India's savings and investment rate is nearly 35% of GDP, next only to China's 49%.

"However, its (high growth) achievement will require determined efforts to increase investment in social and economic infrastructure, enhance productivity in agriculture and give a fresh impetus to the manufacturing sector," the prime minister said.

"Our annual rate had averaged 9% for four years before the crisis. It reduced to 6.5% in 2008-09, but recovered to 7.2% in 2009-10. We expect 8.5% growth in this financial year," he said, noting that the first concern in the wake of the financial crisis was to protect the economy from the global slowdown.

This had prompted the government to deviate from fiscal prudence by way of stimulus measures (involving high borrowings to step up public spending and foregoing of revenue to boost manufacturing), leading to fiscal deficit shooting to over 6% of GDP - a broad measure of a country's economic wealth.

In the Budget for 2010-11, the government partially withdrew the stimulus, saying economic recovery was strong.

"The record of our first year is a record of reasonable achievement," Singh said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Portfolio

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions