Strengthening markets, Indian rupee reflect improvement in economy: Finance Ministry's Arvind Mayaram

Mar 24 2014, 21:44 IST
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'Indian economy has stabilised and that is reflected in rupee and stock markets,' says Economic Affairs Secretary Arvind Mayaram.s 'Indian economy has stabilised and that is reflected in rupee and stock markets,' says Economic Affairs Secretary Arvind Mayaram.s
SummaryExuding confidence that growth will improve in the coming months, the Finance Ministry today said economy has stabilised which is evident from the strengthening of the stock markets as well as the rupee.

Exuding confidence that growth will improve in the coming months, the Finance Ministry today said economy has stabilised which is evident from the strengthening of the stock markets as well as the rupee.

"I certainly believe ... the economy has stabilised and that is reflected in rupee and stock markets. And going forward, I think, we will see growth numbers also improving," Economic Affairs Secretary Arvind Mayaram told reporters here.

On the back of strong foreign investor flows, the stock market barometer BSE Sensex today jumped more than 1 per cent to log new lifetime high, while the rupee appreciated 24 paise to trade at 60.65 against the US dollar.

* Live: BSE Sensex

The 30-share Sensex was last trading nearly 300 points higher, or 1.39 per cent, at 22,055. It surpassed its previous intra-day record high of 22,040.72 logged on March 18.

"I think we are surely in a position where we can say that, India is among the best among the emerging markets, and this will continue to be so in future," Mayaram said.

As per the CSO estimates, the economy would expand 4.9 per cent in the current fiscal ending March, up from 4.5 per cent recorded in 2012-13.

Growth in the first nine months (April-December) was 4.6 per cent. The economy must expand by 5.7 per cent in January-March quarter to achieve the estimated GDP expansion of 4.9 per cent in 2013-14.

Inflation is showing signs of cooling. Wholesale price-based inflation fell to nine-month low of 4.68 per cent, while retail inflation slowed to a 25-month low of 8.1 per cent in February.

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