The RBI must retain the objective of supporting economic growth as it battles price rises, finance minister
P Chidambaram said, signaling challenges in implementing a proposed shift to target inflation. Inflation targeting is only one among the objectives, Chidambaram said in a Tv interview at the World Economic Forum meeting in Davos. Another objective of the RBI must be to support growth. An RBI panel on Tuesday recommended setting a 4% target for CPI by 2016. That target is ambitious and the government will have a say in any final decision, said Chidambaram, who called it a laudable objective to work towards inflation targeting.
No need to ring alarm bells for India, says Montek
Confident of Indias growth story, Planning Commission deputy chairman Montek Singh Ahluwalia on Thursday said the next government will have to take forward the process of fiscal consolidation to keep the momentum intact. Ringing alarm bells is not right for a country that is growing at 5% and has the potential to grow over 6%, even 7.5% in the long term, he said.
Indian economy resembles a super highway: Friedman
Comparing the Indian economy to a super highway, noted economist Thomas Friedman said he is optimistic on the growth potential of the country. Friedman said he remains hugely optimistic about India. People often ask me about India and China. For me, they are two super highways but they are difficult... for India, some white lines are not there, there may not be some sidewalks, but it is still a super highway when you drive on it... whether that is a mirage or true, I don't know, he said.
India to create 100 m jobs in manufacturing by 16: Sharma
India is looking to create as many as 100 million skilled jobs in the manufacturing sector by raising its share in GDP to 25% from 16%, commerce and industry minister Anand Sharma said. India aims to raise manufacturings share of GDP from 16% to 25% and create 100 million skilled jobs. This is a must-do, Sharma said. He said India needs to expand manufacturing to boost exports and ensure sustainability.
Uday Kotak: Banks will face balance-sheet issues
uday Kotak, MD of Kotak Mahindra Bank, said rising bad loans will pose challenges to lenders in 2014. Kotak said in a Tv interview from Davos: Indian banking, especially if some of the banks get under pressure, will require some amount of consolidation and strengthening.