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No reason to panic, assures Chidambaram

Last updated on: June 13, 2013 11:54 IST

No reason to panic, assures Chidambaram

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Seeking to accelerate reforms to spur investments, Finance Minister P Chidambaram said on Thursday the government will announce host of decisions, including relaxation of foreign direct investment caps and resolution of gas and coal prices, in the next few days.

He further said there was no need for panic over declining value of rupee and the domestic currency would regain the losses suffered in last few days and stabilise.

"I am looking forward to more reforms. . . I expect a number of decision in the next few days and weeks. . . .

"In June, you can expect number of decisions taken and implemented that will accelerate reforms and spur investments in critical sectors," Chidambaram said.

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Image: Union Finance Minister, P Chidambaram with Ministers of State for Finance, Namo Narain Meena and S.S. Palanimanickam and the Budget team.
Photographs: Courtesy, PIB

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No reason to panic, assures Chidambaram

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He said the decision will be taken on coal and gas pricing, coal allocation to power plants, FDI limit in various sectors, including defence, and skill development.

Chidambaram said the Securities and Exchange Board of India will take a decision on K M Chandrasekhar committee report on rationalisation of foreign investment norms on June 25.

The minister was addressing media in the backdrop of steep decline in rupee which on Tuesday touched life-time low of 58.96 intra-day against the US dollar.

Rupee, which touched 58.22 to a dollar in early trade, lost ground during the day, and is currently trading at 58.48 on Thursday.

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Image: P Chidambaram.
Photographs: Edgard Garrido/Reuters

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No reason to panic, assures Chidambaram

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"There is no reason for panic. . . Countries with large current account deficit have taken a hit on currencies.

"Rupee will find its level. We are concerned about volatility. Rupee will regain losses suffered in the last few days," he said.

Expressing satisfaction over declining gold imports, Chidambaram appealed to the people to 'resist the temptation to buy gold' saying it will dramatically change the CAD position.

Chidambaram, however, ruled out any immediate hike in gold import duty saying he doesnt want to be 'too unpopular'.


Image: P Chidambaram.
Photographs: Reuters

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