Asia, growth engine of the world, will stabilize global recovery: PM
“India’s (economic) activity suffered from waning business confidence amid slow approvals for new projects, sluggish structural reforms, policy rate hikes designed to rein in inflation, and flagging external demand,” the IMF said in the World Economic Outlook (WEO) released in Tokyo ahead of the IMF-World Bank 2012 annual meetings.
The UPA government, struggling to reverse a slowdown in the economy that grew by 5.5% in April-June, has unveiled a slew of reforms initiatives.