Press Esc to close
Saturday 29 August 2015
News updated at 11:56 PM IST
Weather
Max: 30.1°C
Min : 19.6°C
In Bengaluru
Partially cloudy

Chidambaram presents national budget, says no need for gloom

New Delhi, Feb 28 , 2013 (IANS)
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
Ex-servicemen celebrate Raksha Bandhan even as they continue their...

Ex-servicemen celebrate Raksha Bandhan even as they continue their...

Priest of Kumkum Swaminarayan temple gives final touch to a...

Priest of Kumkum Swaminarayan temple gives final touch to a...

Congress Vice President Rahul Gandhi paying obeisance at Hazratbal Shrine, in Srinagar...

Congress Vice President Rahul Gandhi paying obeisance at Hazratbal Shrine, in Srinagar...

Sand artist Manas Sahoo makes a sand art on the eve of Raksha Bandhan with a message...

Sand artist Manas Sahoo makes a sand art on the eve of Raksha Bandhan with a message...

A woman tying Rakhi to army soldiers on eve of Raksha Bandhan festival in Surat on Friday.

A woman tying Rakhi to army soldiers on eve of Raksha Bandhan festival in Surat on Friday.

Bollywood actor Ranbir Kapoor with fashion designer Manish Malhotra at his show...

Bollywood actor Ranbir Kapoor with fashion designer Manish Malhotra at his show...

Students celebrate Onam festival by making floral rangoli ‘pookalam’ at a public school...

Students celebrate Onam festival by making floral rangoli ‘pookalam’ at a public school...

Devotees watch a procession during Kumbh Mela or the Pitcher Festival in Trimbakeshwar...

Devotees watch a procession during Kumbh Mela or the Pitcher Festival in Trimbakeshwar...

Activists of Left Front affiliated peasants organisation break police barricades...

Activists of Left Front affiliated peasants organisation break police barricades...

Boys stand near the charred vehicles after the incidents of violence following the Patel...

Boys stand near the charred vehicles after the incidents of violence following the Patel...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523