FM pins hope on 6.2-7.4 per cent growth this fiscal

While hoping that monsoons would be on time, finance minister P Chidambaram said that the government was committed to continue reforms to ensure 6.2-7.4 per cent GDP growth this fiscal.

Speaking at the CNBC ‘Investor Camp’, Chidambaram said, “I can’t comment on monsoons as it is not under my control. I pray for rains and I request you to pray also. A GDP growth of 6.2-7.4 per cent has been projected by economic think-tanks. Even this will be quite high on the back of 8.2 per cent growth of last fiscal.”

Stating that tax rates can only come down if tax compliance improves, the finance minister said that the government was committed to bring down the deficit.

He said a number of Indians do not believe in “deconstructing” public sector undertakings. “As long as PSUs continue to make profits, they should be allowed to function.’’ Asserting the need for well-developed capital market that would be an “engine of economic growth”, he said “we need to deepen and broaden capital market.”