For Chidambaram Day 1 well begun but lots to be done

‘‘The economy is in a resilient mode,’’ he told reporters, ‘‘growth, inflation and the balance of payment situation is comfortable…more investments, both private and public are needed in the three areas agriculture, manufacturing and employment.’’

‘‘My endeavour will be to increase employment and incomes,’’ he said in his introductory remarks recalling that he had worked with Manmohan Singh as a Commerce Minister: ‘‘It’s a privilege to work as his Finance Minister.’’ As if on cue, the markets, see-sawing for a week, rose 162 points in welcome.

Chidambaram said he had spent six years out of government and five years outside Parliament, the time he had spent travelling in his home state Tamil Nadu and the rest of the country. ‘‘We will factor in the experience we have gained in this period into governance,’’ he said.

‘‘We will find money for public investment…We are bound by the fiscal responsibility Bill. It provides a roadmap that helps in achieving our objectives,’’ he said. ‘‘I believe policies adopted since 1991 have brought strength and benefited the economy.’’

Asked if he would continue with the Ministry’s India Shining campaign, he said: ‘‘India must shine for all Indians. To declare India is shining, was in my humble view, mocking at the poor of India,’’ adding that the poorer sections have protested against such a campaign by voting the NDA out of power.

Chidambaram said the new Congress-led coalition government would pursue ‘‘good economics and politics’’ to ensure all Indians benefited from the reforms started by Manmohan Singh in 1991.

‘‘Continuity is pretty clear as we are going back to the original reformer Dr Manmohan Singh…’’

Chidambaram said the Budget session was expected after a short session of Parliament between June 2 to 10, followed by a short recess.

He said the Budget would be presented before July 31.

‘‘There will be a full budget and no vote-on-account,’’ he said, adding the government could announce new measures ahead of the Budget.

Admitting that fiscal deficit was an ‘‘area of concern,’’ Chidambaram said careful attention would be given to fiscal consolidation and the roadmap laid out by the Fiscal Responsibility and Budget Management Act would be ‘‘honoured.’’