Budget 2013: Doing business in India should be seen as easy, says Chidambaram

NEW DELHI: Finance Minister P Chidambaram in his budget 2013 speech said that India needs to attract more investment, both domestic and foreign. "Investment is an act of faith and we will take policy measures to remove fears in the minds of investors," Chidambaram said.

"Doing business in India should be seen as easy, friendly and mutually beneficial," Chidambaram emphasised. He said that the government will take due measures to encourage the same.

Chidambaram highlighted the need to attract investment in the infrastructure sector. He announced measures such as infrastructure debt funds to encourage investments.

Chidambaram started his speech by reiterating the resolve of his government to cut expenditure and bring the Current Account Deficit back on track. He also pointed out how India is still the third fastest growing economy amongst the bigger countries.

As the speech progressed, the FM went on to reiterate UPA's pet goal of inclusive development. he subsequently announced many schemes & allocations for SC, ST, women, differently-abled and other schemes such as Sarv Shiksha Abhiyan & provided additional allocation for the food security plan.

Presenting his eighth Union Budget, Finance Minister P Chidambaram in his budget 2013 speech gave emphasis to the need for 'inclusive growth'. The budget will focus on higher growth and financial inclusion, he said.

"Many people will be left behind if we do not pay attention to growth," he said. Chidambaram said that any growth should also be sustainable.

Chidambaram acknowledged that the room for a fiscal stimulus is constrained and that deficit levels are high.