Ghost of GAAR buried: Chidambaram
acknowledgement that we have handled the GAAR situation fairly effectively and buried the ghost that GAAR will be some kind of a monster," he said.
Kicking off his campaign to woo investment, Chidambaram met over 200 top investors at the "India for Investment Conference" organised by the Citibank and BNP Paribas.
He made a strong case for their investment assuring that all their concerns were being addressed and that the government has taken all measures including to contain fiscal
deficit.
"It is a very well attended meeting. Virtually everybody who is anybody in the financial sector was here including wealth funds, sovereign funds, banks asset management companies. It gave me an opportunity to explain the economic situation in India, the steps we are taking to put the economy on high growth path," he said.
Chidambaram, who will be in Singapore tomorrow on a similar mission, said India continues to post growth even now. "We are undeniably growing faster," he said pointing that out only China and Indonesia are ahead of India.
"But this growth is not sufficient for us. We need to accelerate it. So I told them steps we are taking to accelerate growth," he said.
He said the first step in that direction is fiscal consolidation and commitment to the path of fiscal prudence.
"At that at the end of this year, we will achieve the target of 5.3 percent of fiscal deficit and next year I will budget for fiscal deficit
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