Press Esc to close

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

More from this section
Most trending stories
Photo Gallery
A view of Sunder Nursery at Hazrat Nizamuddin in...

A view of Sunder Nursery at Hazrat Nizamuddin in...

Mahila Congress activists make 'pakodas' to protest against alleged unemployement...

Mahila Congress activists make 'pakodas' to protest against alleged unemployement...

Canadian Prime Minister Justin Trudeau and First Lady Sophie Grgoire greet visitors...

Canadian Prime Minister Justin Trudeau and First Lady Sophie Grgoire greet visitors...

Gold medalist Mariama Jamanka of Germany gets lifted by silver medal winner Lauren Gibbs...

Gold medalist Mariama Jamanka of Germany gets lifted by silver medal winner Lauren Gibbs...

Union Textile Minister Smriti Irani addresses a session during UP Investors Summit 2018 at...

Union Textile Minister Smriti Irani addresses a session during UP Investors Summit 2018 at...

A helicopter is seen flying over the besieged town of Douma, Eastern Ghouta...

A helicopter is seen flying over the besieged town of Douma, Eastern Ghouta...

Transgender Shanavi Ponnusamy arrives at the chief minister's cell at...

Transgender Shanavi Ponnusamy arrives at the chief minister's cell at...

Lufthansa tests humanoid robot 'Josie Pepper' at airport...

Lufthansa tests humanoid robot 'Josie Pepper' at airport...

Chief of the Air Staff, Air Chief Marshal B.S. Dhanoa presents a memento to the...

Chief of the Air Staff, Air Chief Marshal B.S. Dhanoa presents a memento to the...

Alpine Skiing - Pyeongchang 2018 Winter Olympics - Women's Downhill Training...

Alpine Skiing - Pyeongchang 2018 Winter Olympics - Women's Downhill Training...

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.