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Economy slowing
In a cautious move, the Union government has cut the growth forecast almost by one percentage point to 7-7.5 per cent for the current fiscal, thus pointing the precarious economic conditions in which the country is struggling, leave alone external pressures like Fed rate hike.
Hyderabad: In a cautious move, the Union government has cut the growth forecast almost by one percentage point to 7-7.5 per cent for the current fiscal, thus pointing the precarious economic conditions in which the country is struggling, leave alone external pressures like Fed rate hike.
In a mid-term review tabled on Friday, the Finance ministry is skeptical about achieving the divestment target, which is required to meet the fiscal deficit targets. However, keeping brave face it said that it can meet the target somehow this year, but difficult for the next fiscal year.
The CEA Arvind Subramanian, who authored the report said, "Economy has made considerable progress but challenges remain." On inflation front, the report maintained that the inflation levels are improving however points that the retail inflation for 2015-16 is expected to be at 6 per cent.
In a recent report on the performance of 2,711 companies by RBI for the quarter July-September 2015 shows that the sales have declined by minus 4.6 per cent, value of production by minus 5.6 per cent and the expenditures by a minus 18.7 per cent.
Even services sector, which contribute biggest share to GDP, has shown a fall in net profit of a huge minus 33.9 per cent.If one takes all these indicators in a sequence, it will speak the real condition of the Indian economy, which is not all that perfect and require continuous effort to save.
