Fin Min calls for stimulating domestic demand to boost economy | SupportBiz

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Fin Min calls for stimulating domestic demand to boost economy

 
The basic strategy to bring the country's economy back on track has to be to stimulate domestic demand, Finance Minister Pranab Mukherjee said, addressing the concerns of industry and credit rating agencies over the current turmoil in the sector.

"The basic strategy should be to stimulate the domestic demand ...we are competent enough to rise to the task of meeting grave challenges," Mukherjee said in Mumbai at a seminar organised by industry lobby Associated Chambers of Commerce and Industry (ASSOCHAM). He said that the country has the resilience to face grave challenges.

"As the finance minister, I cannot ignore the ground reality, and the apprehensions of Indian industry and credit rating agencies," he said, adding that the government was taking due note of the concerns raised by the rating agencies.

Global rating agency Standard & Poor's has said that India could become the first of the BRICS - Brazil, Russia, India, China, South Africa - economies to lose its investment-grade status.