Economy to top Parliament agenda: FM
in recession. We are nowhere near that situation," he added.
Indian economy is still growing at 5.5 per cent, Chidambaram said, adding "second quarter number will be known by end of this month. And I think there will be a pick up in third and fourth quarters." The growth rate in the first quarter of 2012-13 was 5.5 per cent.
The goal, the Minister said, would be to tide over the difficult period and end the year with a reasonably satisfactory note.
Chidambaram said he would endeavour to present a "more balanced budget" for 2013-14 and expressed the confidence that "growth will revive and (we will) move on to high growth track."
Replying to questions on fiscal deficit, the Minister exuded confidence that there was still time and the government would be able to meet the revised target of 5.3 per cent of the Gross Domestic Product (GDP).
"We still have good time of four-and-half months and therefore it is too early to say that we won't reach the target. And it is my intention to reach the target... I don't think we should spread pessimism or cynicism", the Minister said.
He said the disinvestment process will start soon and spectrum auction will continue.
The Empowered Group of Ministers (EGoM), he said, will meet shortly to take decisions on the pending issues.
Concerns are being expressed about the ability of the government to meet the revised fiscal deficit target in view of the lukewarm response to the 2G spectrum auction which fetched only Rs 9,400 crore as
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