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Goldman must not talk on political issues: Montek

‘I don’t agree with Goldman Sachs. Lots of people have said they should not be pronouncing on these things,’ Ahluwalia said on the sidelines of a function organised by the Institute for Defence Studies and Analyses.

Goldman Sachs had in a recent report upgraded the Indian markets on the likelihood of Narendra Modi coming to power. ‘The truth of the matter is we are perfectly aware what needs to be done, at least as far as the Planning Commission is concerned.

We have laid out a very   bold  agenda, which  has  been   approved by the Cabinet,    National Development Council (NDC) and so on,’ he  said.  ‘In the last  six  months before a general  election, that’s not when  all these things are implemented. So, I have no idea  what Goldman Sachs means,’ he added.

Goldman Sachs, in a report titled Modi-fying Our View: Raise India to Marketweight, upgraded its outlook for domestic equities and revised its end-2014 target for the Nifty index to 6,900 points, implying a 9 per cent rise from the current levels. The report attributed the optimism to the opposition BJP-led alliance gaining ground in opinion polls in the past few months, suggesting a higher probability of a BJP-led alliance forming the next government. The 18-page report described the BJP’s Prime Ministerial candidate as more business-friendly.

Commerce and Industry Minister Anand Sharma had said the report is ‘most inappropriate and objectionable.’ Goldman Sachs, however, stood by the report saying that it was based on investor sentiment and does not reflect any political bias.

Ahluwalia added that new initiatives taken in education, health and skill development will show results in the years ahead.
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