Press Esc to close
Sunday 26 February 2017
News updated at 10:24 AM IST
Weather
Max: 35.5°C
Min : 19.7°C
In Bengaluru
clear sky

Improved growth prospects for India in 2013: Moody's

New Delhi, Dec 11, 2012 (PTI)
Withdrawal of support to government by an 'obstinate coalition partner' and flurry of reforms have improved India's growth prospects in 2013, said global rating agency Moody's today.

"...(growth prospects have improved) with a new finance minister, the withdrawal of an obstinate coalition partner and a flurry of pro-business reforms designed to lift the economy from its funk...These moves are working," Moody's said in a report.

The government has been able to push through economic reforms, especially allowing foreign investment in multi-brand retail, after withdrawal of support by Trinamool Congress.

The government had also expressed its commitment to raise FDI cap in the insurance sector. This would require approval of Parliament.

Noting that "policy missteps and political paralysis" crushed business confidence and investment in 2012, the Moody's report said, "India should ...enjoy a better 2013, though for different reasons."

The report said Asia's economies have weathered the global downturn and will enter 2013 in comparatively good shape. Risk levels appear manageable, domestic policy settings remain highly accommodative, and the global outlook has begun to stabilise.

P Chidambaram took over the finance portfolio in August when the then Finance Minister Pranab Mukherjee became the Presidential candidate. Mukherjee was later elected as President.

The rating agency further said that near-term risks around India's fiscal and external deficits have receded. "Business groups are more upbeat; this will translate into better investment and GDP growth, but not until well into 2013. The moves help to lock in our longer-term outlook," the it said.

 

Go to Top

Photo Gallery
Tracks laid out for the NEXA P1 Powerboat, Indian Grand Prix of the Seas, the global series...

Tracks laid out for the NEXA P1 Powerboat, Indian Grand Prix of the Seas, the global series...

A damaged car after an accident on Delhi- Gurugram Expressway at Shankar Chowk in Gurugram...

A damaged car after an accident on Delhi- Gurugram Expressway at Shankar Chowk in Gurugram...

A competitor at the All India Stunters and Bikers meet at Chikmagalur in Karnataka...

A competitor at the All India Stunters and Bikers meet at Chikmagalur in Karnataka...

A honey bee collecting nectar from a flower in New Delhi ...

A honey bee collecting nectar from a flower in New Delhi ...

Participants performing the yoga steps during the Mega Self Defence Camp for Women organised...

Participants performing the yoga steps during the Mega Self Defence Camp for Women organised...

Maharashtra Chief Minister Devendra Fadnavis, Mumbai BJP president Ashish Shelar, Maharashtra...

Maharashtra Chief Minister Devendra Fadnavis, Mumbai BJP president Ashish Shelar, Maharashtra...

Mumbai Congress president Sanjay Nirupam along with candidates who won in the BMC polls...

Mumbai Congress president Sanjay Nirupam along with candidates who won in the BMC polls...

Union Water Resources Minister and senior BJP leader Uma Bharti along with party's candidate...

Union Water Resources Minister and senior BJP leader Uma Bharti along with party's candidate...

BJP workers celebrate the party's victory in the Maharashtra civic polls and Odisha Local...

BJP workers celebrate the party's victory in the Maharashtra civic polls and Odisha Local...

BJP MP Varun Gandhi address during a meeting at town hall in Jodhpur ...

BJP MP Varun Gandhi address during a meeting at town hall in Jodhpur ...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523