Foreign Developments While the United States has been benefiting from a virtuous economic cycle, a number of other economies unfortunately have been spiraling in quite the opposite direction. The United States, Canada, and Western Europe have been enjoying solid economic growth, with relatively low inflation and declining unemployment, but the economic performance in many developing and transition nations and Japan has been deteriorating.
This will require addressing the supply-demand imbalance in the agricultural sector and modernising the supply chain. Second, concerted efforts are required to secure energy security for the country. The bulk of our fossil fuel requirement is met by imports. A necessary step in this direction is market related pricing of petroleum products to economise consumption and reduce the subsidy burden.