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Economy to grow at six pc: Chidambaram


AGENCIES | Jaipur, July 16, 2013 14:07
Tags : P. Chidambaram | Indian economic growth | Ghulam Nabi Azad |

Finance Minister P. Chidambaram Tuesday said the economy was likely to grow at six percent or slightly more in the current fiscal year.

"This year, by all estimates, the growth rate will be six percent or slightly above. This is not a satisfactory level of growth," he said.

He attributed the low increase in growth to slowdown in advanced economies.

Chidambaram and Health Minister Ghulam Nabi Azad were in the city to address the media.

The finance minister also spoke at length on the steps the government has taken for the economy. He said the investment in public sector enterprises (PSUs) has been significantly hiked with the government investing around Rs.1.15 lakh crore in PSUs during 2012-13.

He said the government has also taken various steps to improve exports, and coal and gas production and has been able to add 20,622 MW of additional power capacity during 2012-13.

While answering a question on the rupee, the finance minister said RBI's measures announced recently are aimed at curbing excessive speculation and volatility in the forex market.

"One should not read it as a prelude to policy rate changes," he said, adding that the rupee price would be market determined.

Chidambaram also told the news conference that all LPG consumers will start to get subsidy in bank accounts through direct bank transfers by the end of the year.

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Issue Dated: Feb 5, 2017