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Govt's anti-inflation steps hit growth: Ratan Tata
Ratan Tata said that the political conflicts and policy uncertainties have hit investments in the country.
New Delhi: Tata Group's Chairman Ratan Tata on Monday said that the government's anti-inflation steps hit growth and demand and India was fortunate to show continued economic growth despite global slowdown.
"Anti-inflation measures tightened money supply, restricted credit. Anti-Inflation steps hit growth and demand. Political conflicts and policy uncertainties have hit investments," Tata said.
"2011 was a year of great conflict within India. Investments have slowed down in infrastructure. Tata group revenues grew to USD 83 billion in 2012. Revenues driven by TCS and sales increase of JLR. Drop in sales of steel in West Europe is a depressing factor," he added.
The Tata chairman also said that India was fortunate To show continued consumer demand.
"The past year has been turbulent for the world. Several Countries have recovered from global slowdown. Few countries in West Europe faced economic devastation. Global slowdown hit international currency markets," he said.