Strengthening markets, rupee reflect improvement in economy: FinMin

Tags: Economy
Exuding confidence that growth will improve in the coming months, the Finance Ministry today said economy has stabilised which is evident from the strengthening of the stock markets as well as the rupee.

"I certainly believe ... The economy has stabilised and that is reflected in rupee and stock markets. And going forward, I think, we will see growth numbers also improving," Economic Affairs Secretary Arvind Mayaram told reporters here.

On the back of strong foreign investor flows, the stock market barometer BSE Sensex today jumped more than 1 per cent to log new lifetime high, while the rupee appreciated 24 paise to trade at 60.65 against the US dollar.

The 30-share Sensex was last trading nearly 300 points higher, or 1.39 per cent, at 22,055. It surpassed its previous intra-day record high of 22,040.72 logged on March 18.

"I think we are surely in a position where we can say that, India is among the best among the emerging markets, and this will continue to be so in future," Mayaram said.

As per the CSO estimates, the economy would expand 4.9 per cent in the current fiscal ending March, up from 4.5 per cent recorded in 2012-13.

Growth in the first nine months (April-December) was 4.6 per cent. The economy must expand by 5.7 per cent in January-March quarter to achieve the estimated GDP expansion of 4.9 per cent in 2013-14.

Inflation is showing signs of cooling. Wholesale price-based inflation fell to nine-month low of 4.68 per cent, while retail inflation slowed to a 25-month low of 8.1 per cent in February.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Copy the characters (respecting upper/lower case) from the image.

EDITORIAL OF THE DAY

  • Government must give up majority ownership in loss making PSU banks

    After four years of braving economic slowdown and provisioning for rising non performing assets (NPAs), public sector banks are in urgent of capital.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

BK Chaturvedi

Cooperative federalism and governance

Improving relations between the states and the Centre to improve ...

Kuruvilla Pandikattu SJ

Reason drives religion, science

Both religion and science are driven by reason, claims Rama ...

Gautam Gupta

Retailers have it tough, thanks to e-commerce

For the past few months our focus has been on ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture