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Indian Economy could have grown by over 5.5% in Q2: Moody's

The reforms proposed by the Indian government may help it reduce key risks facing the economy but cannot lift the country's near-term outlook, the ratings agency says

 
New Delhi: Rating agency Moody's on Thursday said Indian economy is expected to have grown by little more than 5.5% in last quarter, and an initial spike in investor sentiment after recent reforms has faded and the "reality of India's deep-seated structural problems" has begun to set in, reports PTI.
 
The reforms proposed by the Indian government may help reduce the key risks facing the economy but cannot lift the near-term outlook, Moody's said, while adding that the economy is growing well below its long-term potential.
 
It, however, said that the growth rate could be near the bottom of its current downward cycle.
 
The country's gross domestic product (GDP) numbers for July-September quarter is scheduled to be announced next week on 30th November.
 
Moody's said that the growth rate for that quarter could be "a little more than 5.5% year-on-year, roughly the same as in the first two quarters (of calendar year 2012) but substantially below where GDP was 12 months ago."
 
"This underscores the economy's challenges, and it will be a while before GDP growth is back at its trend rate. Our outlook is for a steady upturn in growth across the coming quarters before growth finally hits potential by the second half of 2014," Moody's said.
 
India had been growing around 8-9% before the global financial meltdown of 2008. The growth rate in 2011-12 slipped to a nine-year low of 6.5%.
 
Finance Minister P Chidambaram has said India's economy should expand by 5.5-6% this fiscal.
 
"Recent economic data have been broadly in line with expectations," Moody's said and added that the corporate sector remains the weakest pocket of the economy.
 
"The corporate sector remains the weakest pocket of the economy, with sentiment weighed down by external weakness and, more important, the Congress-led government's cack-handed management and policy making in its second term," it added.
 

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Trinamool fails to bring no-confidence motion in Lok Sabha

Mamata Banerjee's Trinamool Congress moved the motion as soon as Parliament met for the Winter Session but Speaker Meira Kumar disallowed it as it could not muster the required support of 50 members

 
New Delhi: An attempt by United Progressive Alliance (UPA)'s former ally Trinamool Congress to bring a no-confidence motion against the government over foreign direct investment (FDI( in retail failed on Thursday in the Lok Sabha for want of requisite numbers, reports PTI.
 
Mamata Banerjee's party moved the motion as soon as Parliament met for the Winter Session but Speaker Meira Kumar disallowed it as it could not muster the required support of 50 members.
 
The motion, first in the current Lok Sabha, was moved by Trinamool Congress Parliamentary Party leader Sudip Bandopadhyay and was supported by BJD.
 
However, it lacked the support of the required 50 members as only TMC's 18 members and BJD's three members supported.
 
Moving the motion, Bandopadhyay said, "This House expresses want of confidence in the Council of Ministers over its decision to allow 51% FDI in multi-brand retail as it is going to harm millions of small businesses."
 
The Speaker asked all those supporting the motion to stand up.
 
Amidst chants of "shame shame" from Congress benches, TMC members stood up and there was a verbal clash too.
 
The Lok Sabha witnessed two adjournments including one when Trinamool Congress members stormed the well.
 
After Trinamool's no confidence motion failed, the Leader of the Opposition Sushma Swaraj pressed for a discussion on the FDI in retail issue under rule 184 which entails voting.
 
The senior BJP leader contended that discussion under a rule which entails voting was necessary as the government has committed "gross insult" of Parliament by not keeping its word on consulting all stakeholders including political parties before taking the decision on FDI.
 
She said the government has shown contempt for the assurances given by then Finance Minister Pranab Mukherjee who is now the President of India.
 
Swaraj said a vote on the issue would show that people of the country were against the move which would affect small traders.
 
Earlier, the Speaker said that she has got a notice of adjournment motion on the FDI issue from SP member Shailendra Kumar and the same was under her consideration.
 

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