Anand Sharma expresses optimism for Indian economy in 2014

Union Minister of Commerce and Industry Anand Sharma expressed optimism for the economy in 2014.

In a statement, Sharma said: "In 2013, India was rated as the most favoured investment destination globally. The bold decisions of the UPA Government for liberalizing Foreign Direct Investment Policy in key sectors such as civil aviation, retail and telecom have resonated with the global community and we have seen results in the last few months."

"The government will continue its endeavour for liberalizing the FDI Policy further in the coming weeks to ensure that India retains its leadership position for attracting foreign investments," he added.

Sharma said that he was happy to see the manufacturing sector being on the mend and expressed satisfaction over the visible rebound in industrial activity.

"The Indian economy has inherent strengths which give it resilience from external pressures and the series of steps taken by the government both on the fiscal and current account front have yielded positive results," he said.

"The coming months will see a greater push for development of industrial corridors across the country and work will commence for establishment of the first few cities along the Delhi-Mumbai Industrial Corridor. I expect that with greater foreign investment and technology collaborations, Indian manufacturing will also move up the value chain and acquire greater competitiveness globally," he added.

"There is also optimism about the scenario on the export front. Inspite of weak demand in traditional markets, exports have done reasonably well and in the first eight months of the current financial year, exports touched USD 204 billion, registering a growth of over six per cent over the same period last year," Sharma said further.

"It was also reassuring that the trade deficit also came down to USD 99.9 billion during this period as compared to USD 129 billion during the same period last year. I am sure that the in the remaining period of this financial year, exports will show a strong and dynamic growth," Sharma said in conclusion.