NEW DELHI, November 17: Finance minister P Chidambaram has ruled out any "hasty decisions" with regard to capital account convertibility (CAC). Speaking to a UK business delegation on Monday, Chidamabram said the country would proceed with caution along the roadmap laid down by the Tarapore Committee on CAC.

The delegation was led by president of the Board of Trade and secretary of state for Trade and Industry of UK, Margaret Beekett. "It is better to proceed cautiously and arrive there rather than take hasty decisions," the finance minister said.

Chidambaram also allayed the delegation's fears with regard to the slowing down of reforms. He said India was liberalising and reforming at its own pace. The minister also appreciated the UK government for its support in arriving at an agreement on quantitative restrictions with the European Union.

The members of the British delegation evinced keen interest in insurance, energy, financial sector reforms and the country's disinvestment programme. About the energy sector, Chidambaram said that British Gas and Shell had been allowed greater investments.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.