The Indian economy continue to be reactive to the economic measures introduced by Prime Minister Narendra Modi. Growth continues to track along a little above 7 %. Stimulus measures continue as the government continues to narrow the budget deficit.
The central bank has reduced interest rates to a more than 5 year low of 6.50 percent, Reserve Bank of India Governor Raghuram Rajan stating that it was in response to a softening in inflation and adds potential for future rate cuts.
The government continues it’s push for manufacturing with the “Make in India” campaign and has been providing several considerations to farmers and rural India to make growth more inclusive. India’s ranking on ease of doing business improved 12 notches to 130 this year out of 189 countries surveyed, with regulatory mechanism’s improving.
The IMF expects Indian growth to pick up to 7.5% for the next fiscal year however exports continue to be a problem.The balancing item in the equation of keeping imports in check has been the low crude oil price for the last 6 months.
The INR is trading at 66.66 against the USD and against the Australian Dollar is at 50.20. It continues to be range bound.
Donate To The Indian Sun
Dear Reader,The Indian Sun is an independent organisation committed to community journalism. We have, through the years, been able to reach a wide audience especially with the growth of social media, where we also have a strong presence. With platforms such as YouTube videos, we have been able to engage in different forms of storytelling. However, the past few years, like many media organisations around the world, it has not been an easy path. We have a greater challenge. We believe community journalism is very important for a multicultural country like Australia. We’re not able to do everything, but we aim for some of the most interesting stories and journalism of quality. We call upon readers like you to support us and make any contribution. Do make a DONATION NOW so we can continue with the volume and quality journalism that we are able to practice.
Thank you for your support.
Best wishes,
Team The Indian Sun
