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| Mr. M. Rafeeque Ahmed |
'' While 25.8% growth in first 9 months looks impressive but the same is much less than 33.2% growth achieved in first 8 months of the current fiscal and points to challenging times ahead. The percentage growth in respect of most of the sectors have also come down at the disaggregated level. However, with still three months to go, we will be able to achieve over US $ 28,000 Crore in 2011-12.
The increasing trade deficit, which has already touched over US$ 13,300 Crore, is a deep cause of concern. It is likely to swell the import bills in rupee having adverse effect on inflation.
The cost of credit needs to be brought down so that both manufacturing and exports become competitive and a beginning needs to be made in the quarterly review of the Monetary Policy due on 24th January 2012. We favoured bold economic and monetary reforms, including rolling out of GST, for sustaining the momentum in exports and containing high volatility in the exchange rate."
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