Fri, 14 Dec 2012 17:30:00 GMT | By IANS

Government working to revive economy: Chidambaram

Finance Minister Chidambaram cautioned that global developments may continue to have a huge impact on the Indian economy


Government to take more steps to revive economy: Chidambaram (© Reuters)

New Delhi: A day after the cabinet unleashed a raft of decisions aimed at spurring growth, Finance Minister P. Chidambaram said the government will take more steps in the coming weeks to boost investor sentiment and revive the economy.

Addressing the Delhi Economics Conclave on "Reviving Growth", here, Chidambaram said India weathered the 2008 world financial crisis very well. But the challenge facing the economy now was different from the one seen in 2008.

The Department of Economic Affairs, the National Institute of Public Finance and Policy (NIPFP)and Confederation of Indian Industry ublic Finance jointly organised the conclave.

With rapid globalisation, the external sector of the economy was becoming more vulnerable, Chidambaram said and cautioned that global developments may continue to have a huge impact on the Indian economy.

"The present challenge calls for bold and innovative measures," he said.

"And I am confident that the steps we have taken, and some more steps that we will take in the next few weeks, will help turn the Indian economy around."

Chidambaram told the conclave that the "government has been making every effort to turn the economy around and encourage investments," and hoped the various steps it has taken would show results.

(Continued)
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