For Jaswant, India Accelerating too

The Union Finance Minister Jaswant Singh on Thursday asked Indian companies to aggressively go out and invest through mergers and acquisitio...

The Union Finance Minister Jaswant Singh on Thursday asked Indian companies to aggressively go out and invest through mergers and acquisitions even as he revealed that India8217;s third quarter gross domestic product GDP grew by 8.9 per cent.

8216;8216;Go out and conquer the world. We the Finance Ministry will be there at all times for you. There is over 100 billion by way of forex reserves. That is to be put to use, not to be kept in a lock and key. You can take Dollars from here and invest abroad. You can even borrow money and invest abroad,8217;8217; Singh told Corporate India in a corporate star-studded function here today. He was speaking at the 8216;FE-Electrolux Awards For Women In Business-20048217;.

Congratulating the Tatas regarding the acquisition of Daewoo Motor8217;s truck unit, Singh said now Indian corporates will not face any hindrance when they invest abroad. 8216;8216;Corporates must reach out8230;We will encourage you. There will not be any limits. You can now purchase other companies out,8217;8217; he said.

8216;8216;We will be the facilitator of India Accelerating and India Shining,8217;8217; he added. On the economic growth, he said in the third quarter the GDP was at 8.9 per cent of the GDP, up from the 8.4 per cent in the preceding quarter.

Singh in his interim budget had pegged GDP growth at 7.5 per cent, up from the RBI8217;s estimate of over seven per cent. The latest numbers are also higher than the Central Statistical Organisation8217;s 8.1 per cent estimate. What will boost the sentiment is Singh8217;s forecast that growth for the fiscal as a whole will be above eight per cent. Inflation also would not go above 4.5 per cent.

Singh also made a presentation 8216;8216;India Accelerating8217;8217; showcasing the country8217;s achievements in the economic sphere, and what is in store in the days ahead. Divided into four parts, the theme covered the macro-economic situation, the state of the fiscal, reforms so far, and prospects for the next 20 years.

8216;8216;India is on a dynamic growth path. There are some who have doubted the 8216;India Shining8217; story, the feel-good factor. I am not representing a political party. The Finance Minister of India is the Finance Minister of India,8217;8217; he said.

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Singh pointed out areas of concern like the Fiscal Responsibility Bill and a zero-revenue deficit by 2006-07. 8216;8216;We have achieved all this despite the worst drought in 40 years, earthquakes, cyclones, wars and sanctions. There is no country of comparable size which has gone through all this, and the new-found confidence is a reflection of our inherent strength,8217;8217; Singh added.

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