Press Esc to close
Wednesday 01 July 2015
News updated at 8:15 PM IST
Weather
Max: 33°C
Min : 19°C
In Bengaluru
Partially cloudy

Goldman Sachs should not comment on political matters: Montek

New Delhi, Nov 9, 2013 (PTI):
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
Shuttler Jwala Gutta at a press conference at LB Indoor Stadium in Hyderabad...

Shuttler Jwala Gutta at a press conference at LB Indoor Stadium in Hyderabad...

Bollywood actress Sunny Leone after a press conference in Mumbai...

Bollywood actress Sunny Leone after a press conference in Mumbai...

Sadhus stand in a queue to register themselves for the annual pilgrimage to the Amarnath cave...

Sadhus stand in a queue to register themselves for the annual pilgrimage to the Amarnath cave...

A paramilitary soldier keeps a watch on the Jammu- Srinagar highway...

A paramilitary soldier keeps a watch on the Jammu- Srinagar highway...

Children reading the Quran in the holy month of Ramadan in Agartala...

Children reading the Quran in the holy month of Ramadan in Agartala...

A house collapses at Mirik after landslides triggered heavy rains in Darjeeling...

A house collapses at Mirik after landslides triggered heavy rains in Darjeeling...

Army aspirants travel on the roof of a train in Jodhpur after participating recruitment rally...

Army aspirants travel on the roof of a train in Jodhpur after participating recruitment rally...

Women take selfies with their girl children as part of the 'Beti Bachao Beti Padhao' campaign...

Women take selfies with their girl children as part of the 'Beti Bachao Beti Padhao' campaign...

Farmers participate in a bull race at a paddy field in Canning village in South 24 Pargana...

Farmers participate in a bull race at a paddy field in Canning village in South 24 Pargana...

Pranab Mukherjee offers prayers to the sacred Dwajasthambham (flag-mast) of Lord Shiva...

Pranab Mukherjee offers prayers to the sacred Dwajasthambham (flag-mast) of Lord Shiva...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523