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Global problems, high inflations & declining investments responsible for slow growth: Chidambaram
SME News, Monday, Oct 08, 2012 13:06:50 PM IST
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NEW DELHI: International problems, robust inflation along with slipping investments are the key factors that are responsible for the poor growth, said Union Finance Minister P Chidambaram.
The Minister also said that Reserve Bank of India’s (RBI's) monetary policy has also hit growth and investments in India. He also added that India needs to attain 8-9% economic growth.
In the absence of reforms, the Indian economy would face risk and also job creation would be affected as well.
Fiscal and monetary policy needs to act in tandem to strengthen growth in India.
While talking about Goods and Service Tax (GST), Chidambaram stated that he is hoping to solve the issues soon. He is slated to meet Empowered Committee Chairman Sushil Modi on October 22.
