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Assocham’s reaction on PMEAC’s review of the economy 2012-13

Assocham’s reaction on PMEAC’s review of the economy 2012-13
The review released by the PMEAC while reflecting optimism on the performance of the economy, has touched some key growth parameters. ASSOCHAM congratulates the Advisory Council for its realistic assessment of growth.

"The raising incremental capital output ratio revealing that capital invested is not yielding commensurate output growth reflects the presence of systemic inefficiencies. Falling rates of domestic savings is the next important concern", said Mr. D S Rawat, Secretary General ASSOCHAM.

Consequently, current account deficit has widened to an alarming level of 5.1 percent in 2012-13. Net FDI inflows at mere $18 billion indicate the loss of foreign investor confidence in Indian growth story. On the other hand, it is expected to see 6 percent inflation for 2013-14.

Mr Rawat said that the policy suggestions made in this regard for addressing the above mentioned macroeconomic imbalances like removal of regulatory obstacles that come on the way marketing agriculture produce, speedy project clearances are appreciable. However, their effective implementation remains the key challenge in India for long time.

Read more about: assocham economy
Story first published: Wednesday, April 24, 2013, 15:29 [IST]
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