Press Esc to close
Wednesday 26 April 2017
News updated at 3:14 PM IST

Goldman Sachs should not comment on political matters: Montek

New Delhi, Nov 9, 2013 (PTI): 18:16 IST
Planning Commission Deputy Chairman Montek Singh Ahluwalia (in pic) today said US investment bank Goldman Sachs should not be commenting on political matters. PTI File Photo
Planning Commission Deputy Chairman Montek Singh Ahluwalia today said US investment bank Goldman Sachs should not be commenting on political matters.

"I don't agree with Goldman Sachs. Lots of people have said they should not be pronouncing on these things," Ahluwalia said on the sidelines of a function organised by the Institute for Defence Studies and Analyses here.

Goldman Sachs had in a recent report upgraded the Indian markets on the likelihood of Narendra Modi coming to power.

"The truth of the matter is we are perfectly aware what needs to be done, at least as far as the Planning Commission is concerned. We have laid out a very bold agenda, which has been approved by the Cabinet, NDC (National Development Council) and so on," he said.

"In the last six months before a general election, that's not when all these things are implemented. So, I have no idea what Goldman Sachs means," he added.

Goldman Sachs, in a report titled "Modi-fying Our View: Raise India to Marketweight," upgraded its outlook for domestic equities and revised its end-2014 target for the Nifty index to 6,900 points, implying a 9 per cent rise from current levels.

The report attributed the optimism to the opposition BJP-led alliance gaining ground in opinion polls in the past few months, suggesting a higher probability of a BJP-led alliance forming the next government.

The 18-page report described the BJP's Prime Ministerial candidate as more business-friendly.

Commerce and Industry Minister Anand Sharma had said the report is "most inappropriate and objectionable." Goldman Sachs stood by the report, saying it was based on investor sentiment and does not reflect political bias.

Talking about the poor, Ahluwalia said there is no serious possibility of reducing poverty if the country doesn't get back to 8 per cent growth.

"May be able to help here and there, but that getting back to 8 per cent inclusive growth is the central part of strategy if you want to make an impact on the poor," he said.

He said that the rate of poverty reduction was higher in the decade after 2004 than in 1993-2004.

"Record of UPA government between 2004-11 -- and you must take period as a whole -- the growth rate of the UPA government for the economy has been much higher than the previous period," he said.

"The progress in terms of reducing poverty has been three times faster than the previous period," he said.

Ahluwalia added that new initiatives taken in areas such as education, health and skill development will show results in the years ahead.

Go to Top

Photo Gallery
Wife of of CRPF martyr Surender Thakur, who was killed in Naxal attack in Sukma chhattisgarh ...

Wife of of CRPF martyr Surender Thakur, who was killed in Naxal attack in Sukma chhattisgarh ...

Wife of CRPF martyr Inspector Raghbir Singh saluting her husband's body during his funeral in ...

Wife of CRPF martyr Inspector Raghbir Singh saluting her husband's body during his funeral in ...

Daughter of CRPF martyr Sanjay Kumar, who was killed in Naxal attack in Sukma chhattisgarh, wail ...

Daughter of CRPF martyr Sanjay Kumar, who was killed in Naxal attack in Sukma chhattisgarh, wail ...

CRPF martyr Inspector Raghbir Singh being carried during his funeral in village Sathiala, some 50 ..

CRPF martyr Inspector Raghbir Singh being carried during his funeral in village Sathiala, some 50 ..

Union Minister Radhakrishnan paying respect to the body of CRPF martyr Alagupandi, at Madurai ...

Union Minister Radhakrishnan paying respect to the body of CRPF martyr Alagupandi, at Madurai ...

Injured CRPF jawans being airlifted to Raipur by an IAF chopper for treatment on Monday follwing ...

Injured CRPF jawans being airlifted to Raipur by an IAF chopper for treatment on Monday follwing ...

Union Home Minister Rajnath Singh enquiring about the health of injured CRPF personnel at the ...

Union Home Minister Rajnath Singh enquiring about the health of injured CRPF personnel at the ...

School children pay tribute to CRPF jawans killed in the naxal attack in Chhattisgarh's Sukma ...

School children pay tribute to CRPF jawans killed in the naxal attack in Chhattisgarh's Sukma ...

Union Home Minister Rajnath Singh paying tribute to CRPF jawans killed in the naxal attack in ...

Union Home Minister Rajnath Singh paying tribute to CRPF jawans killed in the naxal attack in ...

Injured CRPF being brought to Raipur for treatment on Monday follwing a Maoist attack at Burkapal ..

Injured CRPF being brought to Raipur for treatment on Monday follwing a Maoist attack at Burkapal ..

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
Powered by Yodasoft Technologies Pvt. Ltd.