Los Cabos: As the initial euphoria about Greece elections died down, the economic crisis took centre-stage. Prime Minister Manmohan Singh addressed some critical issues relating to the slowdown in India's economy in his address during the Plenary Session of the seventh Summit of the Group of 20 developed and developing countries.
"Like other countries, we too allowed the fiscal deficit to expand after 2008 to impart a stimulus. We are now focusing on reversing the expansion. This will require tough decisions, including on controlling subsidies, which we are determined to take," Singh told the galaxy of world leaders including US President Barack Obama.
Concerned over the dip in India's economic growth, Singh said the public in the country was "impatient" for a return to high growth and faster jobs creation. He also said that steps were being taken to revive investor sentiment in the country.
India is targeting a fiscal deficit of 5.1 per cent of GDP for this fiscal year. But a higher subsidy bill and lower tax revenue have resulted in its fiscal projections for 2011-12 go awry. The fiscal deficit was 5.8 per cent in 2011-12, wider than the initial target of 4.6 per cent....more
07:36 AM, Jun 19, 2012