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`Mumbai blasts will not hurt economic growth'
Our Bureau
MR P. CHIDAMBARAM
New Delhi
,
July 12
The Finance Minister, Mr P Chidambaram, said on Wednesday that the July 11 Mumbai blasts would not hurt economic growth and that the country's growth story was intact.
"These cowardly and dastardly attacks cannot break our will or resolve to move forward. India's growth story is intact," Mr Chidambaram told reporters.
He said that foreign investors still have confidence in the Indian economy and should continue to repose faith on the economy. India's economy, which grew 8.4 per cent last fiscal, is expected to expand by about 8 per cent in the current fiscal.
Mr Chidambaram said that a solitary attack could not set back economic activity all over the country and even in Mumbai for that matter.
Domestic demand, exports
He pointed out that the strong industrial and manufacturing growth indicated that the economy was driven by good domestic demand as well as exports. "As long as industry and manufacturing are strong, there is no need to worry", he said. The Finance Minister also felt that the Mumbai blasts would not put a downward pressure on the Indian rupee.
The Government on Wednesday released data on industrial output performance for May . Aided by robust manufacturing growth in April-May , industrial production logged 9.8 per cent growth in the first two months of the current fiscal against 9.5 per cent recorded in the same period last year. Manufacturing growth shot up by 10.9 per cent in April-May against 10.3 per cent in the same period last fiscal.
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