Following up the research on India, Goldman Sachs and Co. economists Jim O’Neill and Tushar Poddar have come up with a report on 10 things the country needs to do to achieve a per capita GDP of at least $20,000 (Rs 8.58 lakh today) by 2050 (from less than $1,000 now).
India , the Asia’s third-largest economy’s inflation soared to 7.83% for the week ended May 03, 2008 from 7.61% – a 44-month high .
Earlier, Indian government banned cement export and non-basmati rice export , reduced import duty on some items and imposed export duty on some steel items to control the surging prices.
India banned exports of all edible oils due to the rising domestic prices and control inflation. The ban will be in place till March 16, 2009.
Rising prices caused the Indian government to ban exports of rice, sugar, wheat, pulses and skimmed milk powder– even raised rice export prices. Ban on exports is another step to control inflation.