Indian Economy On Cusp Of Big Growth Phase: Government
New Delhi: The current position of the economy has positioned India on the cusp of a major phase of growth, Minister of State for Finance Jayant Sinha.
"We think the economy is now poised for a very big growth phase. Our thinking is investment-oriented. We have brought down inflation. A non-inflationary growth will help us avoid a boom-bust cycle," Sinha said while addressing chief vigilance officers of state-run banks here.
"With a decisive leadership in place, with the majority that we have in the Lok Sabha and in terms of the policy roadmap that we laid out, it became very clear to domestic investment business people and investors that we were going to, very credibly and in a very thoughtful way, restore the Indian economy to the road path that it should be on," he added.
Sinha also said that the government is fully committed to supporting the public sector banks.
The Reserve Bank of India said late last month that state-run banks are adequately capitalised, but would need additional funds to comply with international capital adequacy norms in the future.
