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This is an archive article published on September 12, 2012
FinMin working to boost sentiment
The government is working on five critical areas including fiscal correction to provide a booster dose to the economy and instil confidence in investors,a senior government official said
Written by ENS Economic Bureau
New Delhi | September 12, 2012 02:08 AM IST
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The government is working on five critical areas including fiscal correction to provide a booster dose to the economy and instil confidence in investors,a senior government official said on Tuesday.
It intends to take steps to correct the fiscal deficit,but it will not happen in one day8230; we need to restore the growth impulse, Arvind Mayaram,secretary,department of economic affairs,said in his address to executive committee members of Ficci.
He said added that it would be tough to meet the budgetary target for fiscal deficit. I am not very sure we will be able to reach 5.1 per cent of GDP but I can assure you that the government is fully seized to be somewhere very close to it whatever measures have to be taken will be taken.
Finance minister P Chidambaram will meet heads of nine public sector units,sitting on huge cash pile of around Rs 1.8 lakh crore,tomorrow to encourage them to move ahead with their investment plans.
Mayaram also said the government is also looking at the possibility of further liberalising ECB norms.
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