Our political image is shining: Chidambaram

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P. Chidambaram
P. Chidambaram

Key points from the Finance Minister’s briefing on Thursday.

On Fitch’s outlook:

Now after about nine months, there is acknowledgement that steps which we have taken, have delivered the outcomes…especially on fiscal consolidation and moderation of inflation.

Reviving sentiments:

It is not a ODI match. Watching an ODI match as I do, you expect either a wicket to fall every  ball or the batman to score a sixer in every ball. That is not the way economic reforms can take place.

On gold import:

I don’t want to become too unpopular. If I have one wish which people of India can fulfil, that is: do not buy gold.

Arresting rupee fall

I don't think we need to panic about what is happening. Yes, it does put pressure on inflation. It puts pressure on the subsidy bill, especially on imported commodities. But I think rupee will find its level.

On fiscal deficit

We will achieve the revenue target and I will spend the money budgeted for. We will achieve the fiscal deficit target. 4.8 per cent appeared too ambitious when I announced it on February 28, but having done 4.9 per cent in 2012-13, 4.8 per cent is achievable. In fact, some friends have urged me to say we will do better than 4.8 per cent, but I don’t want to say that now. We will certainly achieve 4.8 per cent.

On RBI’s rate cuts

I have called the Chairpersons of public sector banks towards the end of this month and (will) have a chat on this issue. We will talk to the banks. I think they are cautious. Caution is good, but you can’t be over-cautious.

On Govt’s image

What’s wrong with the political image? Compared with the political image of some of our friends, I think our political image is quite shining.

(This article was published on June 13, 2013)
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