Patience please: Chidambaram
FM on the good and bad sides of govt spending, the thrust of the budget and the need to distinguish between resident and beneficiary
New Delhi: Finance minister P. Chidambaram addressed a press conference after presenting his eighth budget in Parliament, saying the government would follow up on steps taken in the annual fiscal package with “another set of measures and decisions". “There are many thing I would have liked to have done, but one has to be patient and wait till the appropriate time," Chidambaram said. He said the main thrust of the budget was to signal to the world that India was on a fiscally prudent path and serious about cutting the fiscal deficit. But cutting the current account deficit is tougher and “can only be done if we are able to export more, or import less, or do both," he said, adding that importing less was not viable given India’s dependence on oil imports, and the emphasis must be on boosting exports. On economic growth, he said the immediate goal was to accelerate it to a pace above 6%, which would signal that the economy is back on the path of recovery. Edited excerpts from the press conference:
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