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Thursday, August 16, 2012

PC moves into high gear to spur growth

Union Finance Minister P.Chidambaram
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 infrastructure sector.

He has directed finance ministry officials to aggressively chalk out strategy to boost the economy and revive investor sentiments. Mr Chidambaram 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.

In addition, 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 foreign
ers to invest in India. The ministry is expected to unveil a path of fiscal consolidation shortly to reassure investors that India is serious about containing deficits.

To read full story, please visit Deccan Chronicle Online Newspaper