The Finance Minister, P. Chidambaram, has said that the Prime Minister, Manmohan Singh, has endorsed the measures announced on Thursday.

Decisions will be taken during June and July. He also said that temporary problems cannot be solved by quick fixes. These require long term measures.

"Long term measures will bring stability. Do not look on a day-to-day solution," he said.

Chidambaram's statement has come a day after he announced the 5-point action plan. Though the market did not react positively to the announcement on Thursday, Friday saw a good rally. At the same time, lower inflation numbers also helped the stock indices and rupee to improve.

After the Finance Minister's statement, the stock market touched the day's high.

(This article was published on June 14, 2013)
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