Indian economy out of the woods; PM says

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Indian economy out of the woods; PM says
According to a PTI report, Indian Prime Minister Narendra Modi has expressed confidence that the government has helped steer Asia's third biggest economy out of the doldrums within just 100 days from coming into power.

A decisive political mandate in the April-May elections amid the Modi government's commitment to undertake key structural reforms, eliminate infrastructure and supply bottlenecks and boost foreign investment helped the economy to grow at the fastest pace in more than two years with GDP growth topping the 5 per cent mark last quarter.

India's economy grew by 5.7 per cent in the April-June quarter of FY 2014-15 from the same period a year ago, up from an annual 4.6 per cent expansion in FY 2013-14.

"I think we have crossed the difficult situation that the country was facing. Within the first 100 days of this government, we have achieved stability and stopped the continued reversals that the country was facing", Modi said, the PTI reported.

"We have to move ahead now on the runway; I am confident that, very soon, we will attain even greater heights," Modi said, the PTI added.

"I feel that with the right signal of policy stability and genuineness of intent by the Government, FDI influx will happen on its own, as India is an excellent investment destination. We are open to dialogue and will strive to remove all roadblocks to inviting FDI," Modi added, the PTI reported.

The government recently hiked the FDI limit in the defence sector from 26 per cent to 49 per cent through the approval route.

Read more about: economy, narendra modi
Story first published: Monday, September 1, 2014, 9:20 [IST]
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