Press Esc to close
Saturday 22 July 2017
News updated at 8:20 PM IST

Chidambaram presents national budget, says no need for gloom

New Delhi, Feb 28 , 2013 (IANS) 12:12 IST
AFP photo
Amid high expectations of reversing the sharp slowdown in the country's growth, Finance Minister P. Chidambaram presented India's 82nd budget in the Lok Sabha Thursday, saying that challenges remained but there was no need for gloom.

The finance minister began his speech by seeking the support all stakeholders in helping navigate the Indian economy through the current crisis. He said getting back to high growth rates of over 8-9 percent seen some years ago was the main challenge.

"We have done it before, and we can do it again," Chidambaram said, in what was his eighth budget for the country. "Whatever may be the final outcome, growth is below potential. But there is no need for gloom."

He said the Indian economy was today constrained by three factors: high fiscal deficit, slow growth and high inflation. "My greater worry is current account deficit," he said, alluding to the high oil import bill the country has been burdened with.

"India will need $75 billion to finance the current account deficit," he said, adding that this could only be done by attracting foreign direct investment in large amounts. "India does not have the choice in either welcoming or spurring foreign investment."

Go to Top

Photo Gallery
Women sizing up a painting put on display as part of an art exhibition against communalism...

Women sizing up a painting put on display as part of an art exhibition against communalism...

Full dress rehearsal of oath taking ceremony of President-elect Ram Nath Kovind...

Full dress rehearsal of oath taking ceremony of President-elect Ram Nath Kovind...

A green parrot nestled in a tree hollow, in Chennai...

A green parrot nestled in a tree hollow, in Chennai...

A Hindu devotee offering snake in Burhi Gandak river, on the eve of Sawan Amavasya...

A Hindu devotee offering snake in Burhi Gandak river, on the eve of Sawan Amavasya...

A peacock butterfly can be seen sitting inside a sunflower near Celle, Germany...

A peacock butterfly can be seen sitting inside a sunflower near Celle, Germany...

Kawad yatri waiting for their turn in a queue outside a Shiv temple in Meerut...

Kawad yatri waiting for their turn in a queue outside a Shiv temple in Meerut...

A farmer ploughs his paddy field during monsoon session at a village near Balurghat in South...

A farmer ploughs his paddy field during monsoon session at a village near Balurghat in South...

Chennaiyin FC Co-owner and actor Abhishek Bachchan reacts during a press conference...

Chennaiyin FC Co-owner and actor Abhishek Bachchan reacts during a press conference...

Exile Tibetans hold posters of the late Nobel laureate Xiaobo Liu during a prayer service...

Exile Tibetans hold posters of the late Nobel laureate Xiaobo Liu during a prayer service...

Temples submerged in flooded waters of Narmada river at Gwarighat in Jabalpur...

Temples submerged in flooded waters of Narmada river at Gwarighat in Jabalpur...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.