economic

Tamil Nadu should record a 11 percent economic growth, Chief Minister J Jayalalithaa said on August 15, while asking India to protects the Tamils in Sri Lanka. Unfurling the national flag for the 12th time in her political career on Independence Day, the chief minister said: "Tamil Nadu should grow at a rate of 11 percent or more." She said that the state should log a growth of 20 percent over the expected Indian economic growth over the next 10 years.

Research and ratings agency Crisil has cut India's economic growth forecast to 5.5 percent for the 2012-13 financial year from its earlier estimate of 6.5 percent, citing deficient monsoon and worsening Eurozone crisis. It also raised India's core inflation forecast to eight percent for this fiscal from the seven percent announced earlier.

In view of the near drought-like situation in several parts of the country, Punjab Chief Minister Parkash Singh Badal has urged the union government to give a special economic package to all agricultural states in the country, a state government spokesman said.

Asserting that the 'India Story' is definitely not over, Indian Ambassador Nirupama Rao has assured American businees that there is no question of the tide of economic reforms in India being reversed. "Look at the history of reforms in India from 1991 onwards. Successive governments have come and gone, but the direction of reform has not been reversed, ever," she said at the Asia Society.

Business chambers of India and Singapore have signed a co-operation agreement to boost bilateral trade and investments. The Federation of Indian Chambers of Commerce and Industry (FICCI) and Singapore Business Federation (SBF) signed the agreement, which will give a fillip to two-way trade, investment opportunities, and industrial co-operation, including expansion of joint ventures and technological collaboration both bilaterally and in third countries.