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Economy can only become stronger, says Chidambaram

Apr 26 2014, 21:53 IST
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FM P Chidambaram asserts that the country's economy is going to become stronger due to efforts of the present UPA government. FM P Chidambaram asserts that the country's economy is going to become stronger due to efforts of the present UPA government.
SummaryP Chidambaram says CAD is down significantly, fiscal deficit contained.

Asserting that the economy is going to become stronger due to efforts of the present UPA government, Finance Minister P Chidambaram today said the CAD has been brought down significantly to USD 32 billion and fiscal deficit contained within the target in 2013-14.

Chidambaram, however, said there has been shortfall in overall tax collection in the last fiscal.

"We are completely satisfied that we will achieve the fiscal deficit target as projected in the interim budget (4.6 per cent of GDP during 2013-14).

"The news on Current Account Deficit is of course extremely good. The CAD for the year that ended will be only USD 32 billion as against the previous year's USD 88 billion," he said in a media briefing at Congress party office here.

The CAD has not only been fully and safely financed but USD 28.5 billion has also been added to the reserves, he said.

The CAD in 2012-13 was at 4.7 per cent of GDP and in 2013-14 it will only 1.7 per cent, the Finance Minister said.

"So these are good signs...The economy going forward can only become stronger," the Finance Minister said.

To a query on recent rise in stock market and Modi factor, Chidambaram said: "if you attribute every rise to quote unquote to borrow your language 'Mr Modi is coming' then every dip must also be attributed to Mr Modi is coming. Please don't make that fatal mistake. What has this got to do with who is going to be elected on May 16 (the vote counting day)".

He said what is happening in the capital market is a reflection that investors are becoming more confident about the stability and strength of India's economy.

Talking about tax collections, Chidambaram said the revenues are "more or less as expected".

In the direct taxes segment, government has collected about Rs 5,500 crore more than the revised estimate (Rs 6,41,835 crore) during 2013-14.

On indirect taxes, government has achieved the target for Customs, but in the Central Excise and Service Tax segments there has been a shortfall "resulting in a net shortfall of indirect tax of about Rs 17,000 crore," he said.

Chidambaram further said the slowdown in the economy was caused by high government expenditure, fiscal deficit and CAD, and consequent inflation.

"So in the last 20 months my job has been to attack the problem. We have attacked the problem of fiscal deficit. We have attacked the problem of CAD. Both have been contained. Once

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