Should Not BJP PM Candidate Modi Start Selling Indian growth Prospects Stories ?

Should not BJP PM candidate Modi start selling Indian growth prospects stories to woo foreign investors that will reflect his confidence on 2014 ?

Gujarat Chief Minister Narendra Modi on Monday addressing the 2013 Global meeting of emerging markets forum sold his Gujarat model of development.He said, "Growth rate is maximum in Gujarat but things are changing in other states also and we must accept this. We have always believed in mantra of Gujarat's growth for India's growth." 

Stating that Gujarat has moved from a trading to knowledge driven society in 10 years, he said, "We have created many jobs, allowed healthy business environment due to which there is investment and job creation." 

Narendra Modi said the people pf Gujarat have always believed in mantra of Gujarat's growth for India's growth. He added, "Gujarat setting up smart cities driven by technology and e-governance." 

BJP PM candidate Narendra Modi, though did not miss the opportunity to show case failures of Congress government at Delhi, when he said indirectly hitting out at the Congress saying the government cannot operate from secret files (coal files).He added, "The government has to move away from representation to participation." 

On effective running of the government, the BJP prime ministerial candidate said, "People's own government in the democracy is the best possible system. For any government interest of the people has to be paramount." He added there is no alternative to good governance. "Good governance starts from good intentions. Lack of good governance is like diabetes which affects each and every part of the body," .

As BJP's PM candidate Narendra Modi must watch the present status of the economy,which is going from bad to worst in spite of all assurance by PM Manmohan Singh , finance minister P. Chidambaram and RBI Governor or even the Commerce minister. 

The latest report on the index of industrial production (IIP) numbers for August confirms the assessment that there are few, if any, signs of recovery in the industrial sector. The year-on-year growth is mere 0.6 per cent, significantly below assured or consensus expectations. The April-August period is almost flat or may be in sliding slope to negative with a chart of measly 0.1 per cent.

With manufacturing sector, that accounts for 80% of IIP , has declined slightly in August and was flat for the April-August period. As almost six months of the year has gone negative, the signs do not auger any hope for big economic growth in the second half , while the projections by Finance Minister, of anything over five per cent for the year becoming critically doubtful, and here Gujarat Chief Minister Narendra Modi must switch his role to as BJP's PM candidate, when 2014 is not far away.

Moody's Pushed India to Lowest Investment- Grade Sovereign Rating.

Rating agency Moody's said that while the rupee depreciation was a new variable for the economy, the factors underpinning it have been incorporated in its investment grade rating for India. India is at the lowest investment-grade sovereign rating. Prime Minister Manmohan Singh's weak coalition government, heading into national elections by next May, has been hamstrung from pushing through reforms to attract more long-term capital. 

The rupee's plunge adds to worries about India's ability to fund a record high current account gap and whether Finance Minister P. Chidambaram will be able to meet his goal to pare the fiscal deficit to 4.8 percent of gross domestic product (GDP) this fiscal year.

Analyst Atsi Sheth said, "We believe that meeting the fiscal deficit target will be very challenging this year, given lower than anticipated growth holding back revenue growth and steep rupee depreciation raising the subsidy bill on imported goods,".

Gujarat Chief Minister Narendra Modi today attacked the government for the free fall of rupee against the US dollar, saying the Centre is not concerned about the economy. Terming the leadership as direction less, he said, "The country might have never imagined that it would face such an economic crisis. But when leadership during such a crisis is direction less, then hopelessness increases. The Centre has not taken any step to install confidence among people."

J.P.Morgan has Downgraded Indian Shares to "Neutral" from "Overweight"

J.P.Morgan has downgraded Indian shares to "neutral" from "overweight", citing strain in balance of payments, while upgrading China shares to "neutral" from "underweight".The brokerage adds it is late in downgrading India, but if the rupee continues to slide it would continue to under perform.

The rupee slumped to a record low to 64.13 in early trade on Tuesday and bond yields hit another five-year high as India the third-largest economy of Asia  bore the brunt of rising money outflows .

Nomura credit analyst Pradeep Mohinani said, "India's problems are nowhere near resolution because New Delhi has not done anything - there is no focus on improving productivity, infrastructure or getting FDI back,".