GAAR amendments finalised: FinMin
"It has come to life but it is still not running at full speed. Once we get the investment engine going the results will begin to happen next year. Steel, cement will be in demand and that will drawn more investment in small and medium enterprises, ancillary industries which will bring more jobs," he said.
Chidambaram said some industries like automobile and housing have perked up a bit but it was not so in the consumer durable and non-durable sectors.
"So, I hope the engine will start purring and then moving forward. And then I think the investment will pick up. Once investment picks up, I am sure we get back to high growth. It is a difficult year," he said.
Noting that the Council of Ministers and the party- government conclave were fully sensitised to the nature of the challenge, Chidambaram expressed the confidence that he will use the opportunity to sensitise the Opposition as well as Parliament.
"Nothing to be gloomy about. We are still one of the three or four large economies that are growing at a decent rate. But we will have to rev up quickly so that we get back to the high growth path," he said.
Chidambaram ruled out any fiscal measures between now and the next Budget saying anything on the tax side would come up only in the Budget.
"Anything on the fiscal side, we will come up with
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