India Economy

What They Said

| Updated on November 03, 2012 Published on November 03, 2012

“While we should take justifiable pride in our successes, it is important to recognise that we are now also experiencing the fallout of difficult economic conditions worldwide. As a result, our growth has decelerated, our exports have fallen and our fiscal deficits are expanding… We need not be unduly gloomy about our prospects; we certainly need to redouble our resolve to meet the challenges before us and rise to the task of governance.”

Prime Minister Manmohan Singh

“Growth is as much a challenge as inflation. If the Government has to walk alone to face the challenge of growth, then we will walk alone.”

Finance Minister P. Chidambaram



“Yesterday’s statement by the Finance Minister reaffirming commitment to fiscal consolidation will open up space for monetary policy to restrain inflation and support growth… However, in doing so, it is important not to lose sight of the primary objective of managing inflation and inflation expectations.”

RBI Governor D. Subbarao



“We have begun our third and final phase of expansion in Africa, covering most key markets in the continent, where we are investing heavily... We are growing at 25-30 per cent in the African market and it contributes about five per cent to our overall turnover at Rs 25,000 crore. The third phase will add around $70 million to the current revenues.”

Godrej Group Chairman AdiGodrej

“If the issue of cancellation of 2G licence to Sistema is not resolved in Indian courts, we will go for international arbitration… We are upset about the decision.”



Russian Ambassador to India Alexander Kadakin

“We are noticing that there is a renewed optimism about the economy and about the market. Corporates who were not making investments, my impression is that they have started looking at making investments once again… The IPO market has been very sluggish this year, but in the last four weeks we are noticing a renewed interest, and this gives us an impression that people are optimistic and they are going to make investments.”

SEBI chief U.K. Sinha

“How long can you run these companies on loss? How long can you go with these kind of under-recoveries? It is criminal. We need to prepare roadmap to see under-recoveries drastically come down… I am not saying subsidy should be cut, but inefficiencies have to be removed from the sector.”



Oil Minister Veerappa Moily

“There should be a norm that either 35 per cent of the dwelling units or 15 per cent of floor area ratio, whichever is higher should be allocated to the economically weaker sections."



Housing Minister Ajay Maken

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