The finance ministry is resisting pressure from other departments to cap foreign ownership of domestic drugmakers, fearing such a move would discourage potential investors, a senior ministry source said.
Food prices rose 18.19 per cent year-on-year in October, slower than an annual rise of 18.4 per cent in September.
Most immediately, he pledged to move slowly if needed in winding down an oil window that provides dollars directly to state-run oil companies
Analysts polled by Reuters had expected an annual output growth of 3.5 per cent for the month.
The future action on rate change will depend on data said the RBI Chief.
The central bank is widely expected to increase the repo rate by 25 basis points on Tuesday to 7.75 per cent to fight inflation even as it continues to unwind its rupee defense steps, a Reuters poll showed.
India plans to launch trading of government bond futures within the next two months as part of efforts to deepen its financial markets, according to several sources involved in the discussions with the central bank.
Capital goods production, a barometer for investments in the economy, contracted by 2 per cent in August.
It hopes to attract billions of dollars in investment by this move, and may ease some restrictions on foreign inflows.
Mayaram also said as of now, a shutdown of the US government is not likely to have a major impact on the Indian economy.
Arvind Mayaram, economic affairs secretary at the finance ministry, also said that a fall in bulk diesel demand this fiscal year will save the government about $1 billion.
Foreign direct investment inflows into India rose an annual 12.9 percent in July to $1.66 billion.
Investor confidence has evaporated amid fears over the rising cost of funding India's gaping current account deficit, prompting New Delhi to delay plans to raise much-needed funds through partial privatisations, finance ministry sources said.
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The Indian rupee touched record low of 65.52/dollar on Thursday and is down 16 per cent so far this year despite efforts by policymakers to prop it up.
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Chidambaram, speaking to reporters, also said the fundamentals of the Indian economy had not changed and asked investors to wait for the April-June quarter growth numbers due at the end of the month.
Net tax receipts for the first three months of 2013 touched Rs 1.02 trillion.
Government sources say India could consider raising the policy repo rate if the rupee falls towards 61-62 to the dollar.
The bank is due to review the monetary policy on July 30.
Absolutely for customer investing over Rs 50,000 in any financial products.
Media has raised the issues that new pricing to benefit Reliance Industries.
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