Finance ministerP. Chidambaram has three concerns but says he is not worried about the state of the economy.
Chidambaram said the Indian economy was growing at at fast 9% clip and could do even better.
In an interview to PTI, the finance minister said there are three issues that he thinks are vital to the country’s continued growth.
“I have no worries but I have three concerns,” he said. “The main concerns are that we should not flag in our resolve to maintain fiscal prudence and fiscal stability. That is fundamental. Growth has taken place for the last three to four years because of our unwavering commitment to fiscal prudence and stability. We should not allow that to flag.”
Investment is the key to growth, he added. “Every impediment to investment must be removed whether in the public sector, the private sector or domestic and foreign,” he said.
Chidambaram said, “You can have regulations but regulation should not become impediments to investment.”
The finance minister said his third concern is that not enough attention is being paid to human resources.
“A large country like India has to depend on it. Skill shortages are emerging at the higher end. We must acquire and retain a competitive edge and become a knowledge society,” he said.