GDP To Grow At 9Pct Once Structural Issues Addressed: Finmin
The government has taken various initiatives to deal with the structural issues like going in for auction of key infrastructure inputs such as coal and spectrum, setting up of the MUDRA Bank and streamlining the norms for foreign direct investment (FDI).
On India Meteorological Department (IMD) projection of below normal monsoon, the Finance Secretary said: "A weak monsoon generally leads to low rural economic growth and spike in prices of food commodities. However, this year food prices are expected to remain stable."
He added: "As done in last year, government could offload stocks from its godowns especially wheat and rice to cool down prices of food grains, discouraging exports of those food commodities like potato and onion, which has the potential of highest price volatility and importing those items, which are short in supply like pulses and edible."
The government, he further said, was also taking a host of steps to address rural distress "through programmes rather that price distorting measures". The initiatives include viable crop insurance programmes for benefit of farmers and scaling up MNREGA in distress
villages and rural areas, he added.
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