Govt will not take any captial control action: Chidambaram

Aug 22, 2013

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New Delhi: Finance Minister P. Chidambaram asserted again that there is no intention to introduce any capital control measures by the government and RBI, in New Delhi on Thursday.
But the minister maintained that the Indian rupee has overshot its reasonable limits. He said that the Indian currency was not the only one facing volatility.
When asked if there was any action taken against speculators, Chidambaram said unless they violate any law there is no necessity for any action.
While the government is trying to communicate its best intentions, certain stakeholders are distorting and making up their own imaginative stories, he said, which is leading to the overall problem.
The Finance Minister said that there was no need to be pessimistic as FDI inflows have been up and debts are declining.
On the SC ban on mining of coal and iron ore, Chidambaram said that there is an urgent need to open up the mining sectors.
“How can any country become industrialised if it does not make steel?” he asked.
The minister assured that the mining ministry will take up the matter with the Supreme Court.

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