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INVC,,
Delhi,,
? ? ? ? ? ? ? ? ? ? ? ? ? The Union Finance Minister Shri Pranab Mukherjee said that the Government?s development objective is to reduce and ultimately remove the inequalities in all dimensions of human life in the society. In order to achieve the same, Shri Mukherjee said that an adequate pace of growth is a necessary condition. The Finance Minister Shri Mukherjee was addressing the 91st Annual Session of Assocham, here today. The Finance Minister further said that rapid and sustained poverty reduction requires inclusive development which would enable people from all sections of society to contribute to as well as benefit from economic growth. He said that for growth to be sustainable in the long term, it has to be broad-based across sectors, regions and among the different population segments of our society.
The Union Finance Minister Shri Mukherjee said that in a globalised world where the major developed economies are passing through a turbulent time, growth cannot be taken for granted in any part of the world including in the emerging market economies. He said that the Indian economy is in some ways better placed than many other nations to withstand a fresh round of global economic turmoil. He said that India?s resilience results from the fact that bulk of India?s GDP is domestic demand driven. He said that India?s External Commercial Borrowings Policy has been successful in maintaining external debt at sustainable level. The Finance Minister said that India?s banking sector is robust. He said that there is unwavering commitment to reforms to further consolidate our economic strengths.
The Union Finance Minister Shri Mukherjee said that policy measures have been taken in recent months to further ease capital controls and making available a framework for pooling of debt finances for infrastructure among others. Shri Mukherjee said that a direct investment scheme was announced on 1st January, 2012 under which qualified financial investors will be allowed to invest directly in Indian equity market. He said that this is the first time that we have taken steps to open up direct access to our capital markets for the individual foreign investors other than the institutional investors and foreign venture capital firms. The Finance Minister said we have further liberalised FDI in single brand retail, and a consensus for operationalising the decision taken to open FDI in multi brand retail trading is being pursued. He said that Foreign Direct Investment (FDI) flows which had considerably slowed down in 2010-11, have bounced back and as of January 2012, FII inflows have also picked-up.
The Finance Minister Shri Mukherjee said that the path to economic development has to be focused on two parallel objectives. He said that on one hand we have to develop villages, improve agriculture and agro based industries and infrastructure in rural India while on the other hand, we need to empower the rural people and give them new opportunities and provide jobs in keeping with their growing aspirations. The Finance Minister said that an important requirement for bringing this about is empowerment of labour through skill upgradation. He said that in this task of bridging the skill gap, an industry body like Assocham can play a significant role. The members of Assocham or the affiliated bodies can identify the skill requirements in their respective areas of enterprise and help set up required supply chains for skills. The Finance Minister said that this will be supplemented by various skill development initiatives being under taken by the Government.
Tags:? FDI, Foreign Direct Investment, Government?s, india, invc, Pranab Mukherjee, The path to economic development has to be focused on two parallel objectives : Pranab Mukherjee, The Union Finance Minister
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