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After the Indian stock market barometer BSE Sensex on Monday jumped more than 1 per cent to log new lifetime high, India’s Finance Ministry asserted confidence that the economy has stabilized and that India is doing well among its emerging market peers.
“I think we are surely in a position where we can say that, India is among the best among the emerging markets, and this will continue to be so in future,” India’s Economic Affairs Secretary Arvind Mayaram said in New Delhi on Monday.
“I certainly believe… the economy has stabilised and that is reflected in rupee and stock markets. And going forward, I think, we will see growth numbers also improving,” added the Indian official.
According to India’s statistics body, the economy would expand 4.9 per cent in the current fiscal ending March, up from 4.5 per cent recorded in 2012-13.
The rupee appreciated 24 paise to trade at 60.65 against the US dollar, on good foreign investor inflow on Monday.
The 30-share Sensex was last trading nearly 300 points higher, or 1.39 per cent, at 22,055. It surpassed its previous intra-day record high of 22,040.72 logged on March 18.
Growth in the first nine months (April-December) was 4.6 per cent. The economy must expand by 5.7 per cent in January-March quarter to achieve the estimated GDP expansion of 4.9 per cent in 2013-14.
Inflation is showing signs of cooling. Wholesale price-based inflation fell to nine-month low of 4.68 per cent, while retail inflation slowed to a 25-month low of 8.1 per cent in February.