Time to take action to fix health of Indian economy: FM

Finance Minister, Arun Jaitley said that it is a challenging time for the Indian economy and growth of less than 5 percent has its immediate effect on the revenue growth of the country. Speaking on the sidelines of an event, Jaitley said that it is time to take action to fix the health of the economy, which has been growing below 5 percent for the past two years. In wake of the economic slowdown, Finance Ministry is a challenging job, but the government is working on steps to restore investor confidence, he added. Jaitley, who is also the Defence Minister said that slow pace of acquisition of weapons for armed forces is a matter of concern and possible steps would be taken to expedite the processes. Modi government’s maiden Union Budget will be presented on July 10. Both local and global investors would be closely watching this event as it is likely to pave way for future course of Indian indices. Though the recent steep raliway fare and freight charge hike is seen as an anti-populist move by many, it has boded well with long-term investors and market watchers. Most market experts are hopeful of a pragmatic Budget.