Journalism of Courage
India’s economy should pick up in the second half of fiscal year 2013/14 but there will also be pressure on inflation because of the rupee’s sharp decline,Prime Minister Manmohan Singh told parliament on Friday.
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Singh said the fundamentals of the Indian economy remained strong and emphasised the bright side of a weaker currency – more competitive exports that he predicted would be further boosted by better performance in the global economy.
He also said banks had seen an increase in non-performing assets,but were well capitalised above international requirements and able to deal with the situation.
