The restrictions on energy consumption on developing countries like India and China could also impact and impair prospects of the global economy, he said.
Chidambaram said as most Democrats had won on a protectionist agenda, they might not support taking forward the Doha round of talks. However, I hope the new Congress will not impair the capacity of the US administration to resume talks, he said, adding, concerns of the developing countries must be taken into account.
The finance minister emphasised India and China were bound to consume large quantity of energy if they had to grow. India was willing to accept reasonable obligation, provided it had access to clean technology, reflected in the Indo-US nuclear deal, he said. If we have access to clean technology, we will share our share of responsibility and I hope the new Congress takes these facts into account.
Meanwhile, Prime Ministers Economic Advisory Council chairman C Rangarajan said all indicators showed the GDP would log close to 9%. He said the current account deficit would be about 1.5% of the GDP. Exports and imports touching about 39% of the GDP, only goes onto show the extent to which the Indian economy has got integrated with the world economy. So developments in the US economy are a matter of interest to us, he said.
Rangarajan also underlined that India had a current account surplus of $25 billion with the US, implying it had the capacity to import more with the domestic savings rate, touching about 32% this fiscal.
This is a substantial achievement and the US should not turn away from globalisation in the supposed belief that it hurts, as then everybody else will also say, he said.