Financial Daily from THE HINDU group of publications
Sunday, May 30, 2004
Financial Daily from THE HINDU group of publications Sunday, May 30, 2004 |
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Economy Industry & Economy - Economy Markets - Stock Markets Chidamabaram allays investors' fears Our Bureau
Chennai , May 29 INVESTORS should take market fluctuations in their stride but the Government over the next month will help allay their fears, assured the Union Finance Minister, Mr P. Chidambaram. He was responding to a query from presspersons here on Saturday on the market fluctuations post-elections. "Market will react to events. When markets move up or down one must take it in their stride. The (Government's) steps over the next month will help allay fears," he said. It must also be recognised that India is one of the well-regulated markets, and even on "Black Monday" — May 17 — when the markets crashed, there had been no payment defaults. "We will regulate it even better," Mr Chidambaram said. "India remains an excellent investment destination. I am sure the market players recognise this," he said. On the decision by some State Governments to restore free power to farmers, he said that while it was the prerogative of the respective governments, they would have to make provisions in the Budget. "Whatever they do they have to provide explicit subsidy and balance the books." Fiscal prudence was a prerequisite, he said. To another question, Mr Chidambaram said that the Union Government would look at implementing the Value Added Tax at the State level. The Common Minimum Programme, adopted by the Union Cabinet as the National Common Minimum Programme, mandated early implementation of VAT. On Cenvat, he said that he was in the process of collecting data and getting details of traders' apprehensions. A decision is possible next week. On the impact of the Left parties on the Government's policies, Mr Chidambaram said that it would be a `positive influence.' The Department of Disinvestment is with the Finance Ministry, and the mandate is with him.
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