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Thursday, March 28
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Political differences, vested interests stalling India’s economic progress


Mtoday news / NDTV

Mumbai, Dec 01: Rata Tata, Chairman of the Tata Group, expressed concern over the political stalemate in the country on Thursday."Political differences and vested interests should never be allowed to stand in the way of India’s economic progress,” Mr Tata said in a twitter message.

 

Ratan TataHis comments have come on the back of a deteriorating political and economic climate in the country. The opposition has been pushing for a vote on Foreign Direct Investment or FDI in retail over which Parliament remains paralysed. It is adjourned for the eighth day with no business transacted.  The government has to either face a vote or suspend the decision to open up the retail sector for FDI. 

n the midst of a political turbulence, the country’s economic growth slipped to a two-year low. The Indian economy expanded by 6.9 per cent in the second quarter ending September 2011, the slowest pace of growth in the last nine quarters.

"India’s growth rate has dropped to 6.9 per cent. The manufacturing growth dropped to 2.7 per cent - a two year low!" Mr Tata tweeted.

A slowdown in the economy spells more troubles for the government especially because it hurts India’s image as one of the top investment destinations across the globe. Foreign investors have been pulling out money from the Indian markets sensing troubles for the economy ahead.

 "We should never let the extraordinary momentum achieved or the global visibility we had diminish," Mr Tata said in one of the tweets.

 "It would be a question of national pride for every Indian to rebuild the past glory and reestablish the country’s economic leadership," Mr Tata’s tweet said.


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Comments on this Article
Manoj, Toronto Fri, December-2-2011, 12:57

Mr.Tata’s statement is very much appreciable as it is very painful to see all these Politicians ruining our Country for their vested interests. Manoj Pai

A. S. Mathew, U.S.A. Thu, December-1-2011, 1:31
It is very true. A lot of minor issues are being used by political parties to fight each other in gaining political mileage but directly undermining the economic growth. From the anticipated 8.5% growth to a lower rate of 6.9% will give scary signal to the potential investors to invest their capital in India, which will make the economy farther weaker.
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