Even though Indian economy's growth declined to 6.5 percent in 2011-12 and further to 5.5 percent in the first quarter of this fiscal, it is no cause for undue worry, Finance Minister P. Chidambaram said Monday.
"These are challenging times for global economy. They are affecting market sentiments everywhere," the finance minister said in his opening remarks at the annual Economic Editors' Conference here.
"Our foremost task is to augment savings, and then challennelise these savings into investments," he said, assuring every step possible to put the Indian economy back on the high growth path.
"India's growth story remains strong."
Chidambaram said India fared better than the global economy, which saw the growth drop from 5.3 percent in 2010 to 3.9 percent and 3.5 percent during the next two years. The advanced economies also logged a growth 3.2 percent, 1.6 percent and 1.4 percent.
"India was not immune," he said, adding: "It will do well to remember that out of eight years it is only during two years -- 2008-09 and 2011 11-12 -- our economy grew at less that 7 percent."
He said the tight monetary policy of the Reserve Bank of India (RBI) to tame inflation had dampened growth. "But there is no cause for gloom or despondency."
A casual mention of a lost Aadhaar card in public saw government machinery go on an overdrive and its holder got a duplicate card in less than an hour.
Wholesalers, retailers and manufacturers across Maharashtra called off their month-long agitation against the local body tax (LBT) imposed by civic agencies following talks with Chief Minister Prithviraj Chavan onThursday.
Prime Minister's Economic Advisory Council Chairman C Rangarajan said the exchange rate of the local currency will be determined by the capital flows.
Etihad's Rs 2,058-crore stake purchase in Jet Airways has hit a regulatory air pocket, as regulators are seeking more clarity.
Marking nine years of the UPA government, PM Manmohan Singh promised to build "an economically resurgent and socially just India".
Former Goldman Sachs Director Rajat Gupta's attorneys said wiretap evidence used by the prosecution should not have been introduced at trial stage.
After more than three weeks, Mumbai traders on Monday called off their strike against Local Boy Tax (LBT).