Economy News

Discussion in 'Economy & Infrastructure' started by Indian_Idol, Jun 2, 2010.

  1. Indian_Idol
    Offline

    Indian_Idol 2nd Lieutant FULL MEMBER

    Messages:
    126
    Likes Received:
    12
    Indian economy to grow by 8.5 percent this year:Dr. Manmohan Singh

    Indian economy to grow by 8.5 percent this year:Dr. Manmohan Singh


    New Delhi, June 1 (ANI): Prime Minister Dr Manmohan Singh on Tuesday said the economy is expected to grow by 8.5 percent this fiscal year (2010-2011).

    "We are closely monitoring inflation. Price rise is one of the major problem at hand," said Dr Singh while presenting the United Progressive Alliance (UPA) Government's report card on its first anniversary.


    "The government would monitor the situation and "take whatever corrective steps are necessary to rein in" prices," he added.

    "The year, 2009-10, showed clear signs of recovery with the rate of growth being estimated at 7.2 per cent. This has occurred, despite a decline of 0.2 per cent in agricultural output on account of sub-normal monsoons," the report said.

    "The recovery has been marked by renewed momentum in the manufacturing sector, which grew by 8.9 per cent in 2009-10, compared to 3.2 per cent in 2008-09. The recovery of the Indian economy owes largely to the stimulus measures initiated by the Government," it added.

    India recorded 7.4 percent growth for the fiscal year 2009-10, which was more than the 7.2 percent projected earlier.

    "This is one of the best performances in the world. There are uncertainties on the horizon, but on the whole I look to the year ahead with cautious optimism," said Dr Singh.

    "India must withdraw fiscal stimulus to boost economic growth and reduce deficit in a calibrated manner," he added sounding cautious on the developing crisis in Europe, triggered by Greece's sovereign debt crisis and bank failures in Spain. (ANI)

    :india:
     
    Last edited: Jun 2, 2010
  2. gowthamraj
    Offline

    gowthamraj Lieutenant FULL MEMBER

    Messages:
    461
    Likes Received:
    32
    the day we gross 5 trillion. That what i waiting for
     
  3. prototype
    Offline

    prototype Major SENIOR MEMBER

    Messages:
    2,050
    Likes Received:
    298
    ^^ thats a long way to go,i am currently only looking at 2 trillion
     
  4. gowthamraj
    Offline

    gowthamraj Lieutenant FULL MEMBER

    Messages:
    461
    Likes Received:
    32
    ^as i already said, if our growth rate is two digit we will achieve it within 2025. When we touch that, we usa and china are the only economic power in the world
     
  5. prototype
    Offline

    prototype Major SENIOR MEMBER

    Messages:
    2,050
    Likes Received:
    298
    lets hope it happens,but for that we should more concentrate on increasing our industrial production,india had already done good growth in the manufacturing sector this year,we cannot only depend on service sector to achieve this growth
     
  6. jagjitnatt
    Offline

    jagjitnatt Major ELITE MEMBER

    Messages:
    3,352
    Likes Received:
    1,560
    I foresee our economic growth rate above 10% in a couple of years.

    2010-11 somewhere around 8.6
    2011-12 around 9.5
    2012-13 around 10

    Thereafter we should be able to sustain the 10% growth for another 8-11 years. Till then we would be over $4 billion in GDP nominal.

    I think India would be worth $4 billion in GDP in 2020-2022.
     
  7. gowthamraj
    Offline

    gowthamraj Lieutenant FULL MEMBER

    Messages:
    461
    Likes Received:
    32
    ^ not only in manufacturing sector but also in agricultre sector. remember last financial year our agricultre sector decreased to 0.2 percent. So if our agricultre sector also increase we attain upto 11 percent growth of china
     
    Last edited: Jun 2, 2010
  8. jagjitnatt
    Offline

    jagjitnatt Major ELITE MEMBER

    Messages:
    3,352
    Likes Received:
    1,560


    I don't know whats the problem in the agricultural sector. It is being neglected, whereas it has the maximum scope of growth.

    Green revolution is still limited to UP, Haryana and Punjab. Why doesn't govt work out plans to extend it to the rest of the country. China has developed crops that have up to 7 times higher yield per hectare than us. Why don't we buy their tech and utilize it here in India?

    That would multifold our output and reduce food prices and make exports easier. International food prices are much higher than India, so great margin can be earned over food crop exports.
     
  9. prototype
    Offline

    prototype Major SENIOR MEMBER

    Messages:
    2,050
    Likes Received:
    298


    well china have some tough immigration rules which does not permit peasants to cross over to urban mainland which will b tough for us to implement,we need to take policies to make agriculture as lucrative as manufacturing and services
     
  10. Naren1987
    Offline

    Naren1987 Captain SENIOR MEMBER

    Messages:
    1,649
    Likes Received:
    273
    The problem is the infrastructure, it is way behind the Chinese,
    The food security act should instead be replaced with a food for work scheme, like NREGA perhaps.
    We need better irrigation projects.
    When it comes to inflation,I think we need to better educate our farmers, use more labor for industry and Infra projects and encourage the farmers to use modern farm equipment, thus bringing down food prices.
     
  11. gowthamraj
    Offline

    gowthamraj Lieutenant FULL MEMBER

    Messages:
    461
    Likes Received:
    32
    Lol that is not tech, but the following reasons.
    1. In china No people is allowed to move other places or towns with out license. So it defend people migrating to cities in countries like India



    2. So the people in village areas have no other way but do agricultre.



    3. Underwater level in china is high. but in India we solely depend on moonsoon which fails last year and affected the growth
     
    Last edited: Jun 2, 2010
  12. prototype
    Offline

    prototype Major SENIOR MEMBER

    Messages:
    2,050
    Likes Received:
    298
    an another reason is the lack of education in indian farmers,and also indian weather
     
  13. jagjitnatt
    Offline

    jagjitnatt Major ELITE MEMBER

    Messages:
    3,352
    Likes Received:
    1,560
    I know of that, but it is not the prime reason. China's agricultural land is much less than India. Fertility is very poor. Majority of chinese land is unfit for agriculture.
    In china scientists have been able to produce a hybrid of rice with yiled as high as 10 tons per hectare
    http://2124.cn/200112_1532/20060323/t20060323_20924.shtml

    Compare that to the average Indian 3.1 ton per hectare. China's average yield is over 6 tons and with newer hybrids they will be producing more than 3 times the yield in the same amount of area.

    China's agricultural land is very less and mostly infertile. And BTW more Indian population lives in villages than Chinese villagers.

    Underwater level in China is very low and contaminated. China is on average at a higher altitude than India, this makes the water availability low. Also a large part of China is desert. Almost all of the western China is a cold desert.
     
  14. prototype
    Offline

    prototype Major SENIOR MEMBER

    Messages:
    2,050
    Likes Received:
    298
    but the current problem we r facing now is that the rural to urban migration is by far more in india then china
     
  15. jagjitnatt
    Offline

    jagjitnatt Major ELITE MEMBER

    Messages:
    3,352
    Likes Received:
    1,560
    but even after that the rural population is more than what we can sustain. A single rural family has 8-10 members and just a small piece of land to feed everyone. Its just not enough. We see those suicides happening, its because the output from the farms is not enough to feed a rural family.

    The land is there, the farmers are there. We are not deficient of farmers or land. What we lack is good farming techniques, irrigation facilities, hybrid seeds and agricultural education.

    You see Punjab being a much smaller state is feeding the whole country, then why can't other states being larger in size contribute too?

    We in Punjab have universities for agriculture, where farmers can get themselves hybrid seeds, kisaan mela is organized regularly where every year new breed of crops are showcased and newer methods and machines are displayed.

    In other parts like Andhra Pradesh and Maharashtra, farmers are still using regular seeds and no irrigation facilities, relying solely on monsoon. That is just not 21st century farming.

    Punjab too developed only after Green Revolution, before that even punjab had poor yield.If punjab can do it, so can every other state in India.
     

Share This Page