Chidambaram gets cracking on economy

Aug 16, 2012 |

New Delhi

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Union finance minister P. Chidambaram, who had given the nation a “Dream Budget” in the 1990s, is now taking swift measures to counter the economic slowdown. He will meet top public sector bank chiefs on Saturday to review their non-performing assets, agricultural loans and credit to the infrastructure sector.

He has directed finance ministry officials to aggressively chalk out strategy to boost the economy and revive investor sentiments. He has already met the secretaries in charge of key infrastructure ministries, like power, roads and highways and petroleum, and urged them to step up the pace of work. Various power projects are stuck due to regulatory and supply side issues. There are also plans to revive the stock markets.

The finance ministry is trying to restart the stalled disinvestment process, and public issues of PSUs, including Steel Authority of India, are likely to hit the stock market soon. Efforts are also on to make it easier for foreigners to invest in India. The ministry is expected to unveil a path of fiscal consolidation to reassure investors that India is serious about containing deficits.

Soon after Mr Chidambaram took charge on August 1, revenue secretary R.S. Gujral, who was instrumental in bringing in the controversial retrospective amendment to the Income-Tax Act to deal with Vodafone-type cases, was shifted to the expenditure department in the finance ministry.

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