Financial Daily from THE HINDU group of publications
Wednesday, Jul 23, 2003
Financial Daily from THE HINDU group of publications Wednesday, Jul 23, 2003 |
|
|
|
|
|
Industry & Economy
-
Economy World Bank report `more positive' Our Bureau
New Delhi , July 22 THE Finance Ministry on Tuesday claimed that the World Bank had not painted a dismal picture of the Indian economy and pessimistic news coverage of its report titled `India: Sustaining reforms, reducing poverty' is based on "selective and partial readings of the report". On the reform front, the report has not warned the country about an impending economic crisis, according to the Ministry. On the contrary, the report has noted that "rising external reserves and low levels of short-term external debt give the country a very comfortable cushion to counter any speculative attack... Thus, India is not vulnerable in the short-term to the type of collapse suffered by Russia or Argentina". The Finance Ministry has said that even on the public finances situation, the World Bank has said, "fiscal discipline at the Centre is likely to be reinforced (but not guaranteed) by the new Fiscal Responsibility and Budget Management Bill, which mandates the elimination of the Centre's revenue deficit by March 2008. Three States have passed similar Acts to limit their own deficits and others are following suit".
Article E-Mail :: Comment :: Syndication
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | Home |
Copyright © 2003, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|