Government confident of 9% economic growth
Finance Minister P Chidambaram exudes confidence that the growth during the current fiscal would be close to 9 per cent.
By PTI |
NEW DELHI: Government will make rapid adjustments in economic measures depending upon evolving global economic situation, Finance Minister P Chidambaram said on Thursday exuding confidence that the growth during the current fiscal would be close to 9 per cent.
"My goal is to continue to maintain the same level of growth but at the same time government reserves the right to make rapid adjustments depending upon evolving global economic situation," Chidambaram told reporters immediately after the GDP figures of 2006-07 were released.
"We are not making policies and we are not taking administrative steps in a vacuum. We are doing so where there is heightened uncertainty and we are making rapid adjustments.
"We are confident that if keep firm hands on the wheel, the Indian economy will sail through turbulent waters. We are maintaining a balance between growth and inflation," he said.
Inflation is still below four per cent and growth is well above eight percent, he added.
Government would also appoint two Additional Solicitor General's exclusively to deal with direct and indirect tax cases in the Supreme Court and High Courts across the country, the Minister said.
M Chandrashekharan will be the new ASG for dealing with indirect tax cases while Parag Tripathi will deal with direct tax cases, he added.
Asked if the second cut in interest rates by US federal authorities would have an impact here, Chidambaram said that "it is too early to say... the picture is still uncertain... let us wait for a day or two."
"My goal is to continue to maintain the same level of growth but at the same time government reserves the right to make rapid adjustments depending upon evolving global economic situation," Chidambaram told reporters immediately after the GDP figures of 2006-07 were released.
"We are not making policies and we are not taking administrative steps in a vacuum. We are doing so where there is heightened uncertainty and we are making rapid adjustments.
"We are confident that if keep firm hands on the wheel, the Indian economy will sail through turbulent waters. We are maintaining a balance between growth and inflation," he said.
Inflation is still below four per cent and growth is well above eight percent, he added.
Government would also appoint two Additional Solicitor General's exclusively to deal with direct and indirect tax cases in the Supreme Court and High Courts across the country, the Minister said.
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M Chandrashekharan will be the new ASG for dealing with indirect tax cases while Parag Tripathi will deal with direct tax cases, he added.
Asked if the second cut in interest rates by US federal authorities would have an impact here, Chidambaram said that "it is too early to say... the picture is still uncertain... let us wait for a day or two."
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