P. Chidambaram confident of bringing economy back on desired track
P. Chidambaram, who recently took charge as the Finance Minister, after Pranab Mukherjee became President of the country, said in his first media briefing that his top priority is to re-gain the confidence of all stakeholders.
ASSURING THAT inflation can be controlled in the medium term, he said that the government will work with the RBI in this regard. In a statement, the Finance Minister said that a path of financial consolidation will be unveiled shortly.
Chidambaram, while accepting that the policy rates, are very high, signaled that in times to come the key interest rates could be slashed - in the interest of stimulating investment and to ease the burden on consumers.
He made it clear that the burden of fiscal correction must be shared, fairly and equitably, by different stakeholders. The Finance Minister said that the poor must be protected and others must bear their fair share of the burden.
He further said that wherever required, the corrective measures will be taken in bringing clarity in tax laws, to have a stable tax regime, a non-adversarial tax administration and a fair mechanism for dispute resolution.