Inflation would see dip over July-Aug: Scindia
Minister of State for Communications Jyotiraditya Scindia on Sunday said government was taking steps to rein in inflation and hoped it would see a dip over July-Aug.
By PTI |
NEW DELHI: Minister of State for Communications Jyotiraditya Scindia on Sunday said government was taking steps to rein in inflation and hoped it would see a dip over over July-Aug.
Addressing the Annual General Meeting of American Chamber of Commerce here, he said the inflation was mainly due to sub-prime crisis in US and the increase in fuel and food prices in the international market, a release issued here said.
Scindia stressed that there is a need for India to sustain the high growth pattern over a longer period in order to maintain its economic momentum.
The minister also noted that India is experiencing approximately eight per cent annual growth rate. "We need to ensure that the rate of growth is sustained over a longer period of time," the release quoted him as saying.
The minister said the US has witnessed 3 to 3.5 per cent sustained growth over last 100 years. "It is this compounded growth that has resulted in US becoming the superpower it is today. India should follow this strategy."
Scindia also called for further participation of US companies in inclusive and sustained growth of India by ensuring that every dollar invested was used for social reforms irrespective of rural-urban and income divide.
Speaking on the occasion, Charge d'Affairs of US embassy here Steven J White said that greater market and trade access between India and the US would help in accelerating the growth in the two countries, according to the release.
White said that increase of US investment in India by 33 per cent during 2007 was a step in the right direction.
Addressing the Annual General Meeting of American Chamber of Commerce here, he said the inflation was mainly due to sub-prime crisis in US and the increase in fuel and food prices in the international market, a release issued here said.
Scindia stressed that there is a need for India to sustain the high growth pattern over a longer period in order to maintain its economic momentum.
The minister also noted that India is experiencing approximately eight per cent annual growth rate. "We need to ensure that the rate of growth is sustained over a longer period of time," the release quoted him as saying.
The minister said the US has witnessed 3 to 3.5 per cent sustained growth over last 100 years. "It is this compounded growth that has resulted in US becoming the superpower it is today. India should follow this strategy."
Scindia also called for further participation of US companies in inclusive and sustained growth of India by ensuring that every dollar invested was used for social reforms irrespective of rural-urban and income divide.
ADVERTISEMENT
Speaking on the occasion, Charge d'Affairs of US embassy here Steven J White said that greater market and trade access between India and the US would help in accelerating the growth in the two countries, according to the release.
White said that increase of US investment in India by 33 per cent during 2007 was a step in the right direction.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
