New Delhi, Apr. 24 (ANI): Finance Minister P. Chidambaram today said that India would limit the fiscal deficit for 2013-14 to below 4.8 percent of Gross Domestic Product (GDP).
“We have been able to send a powerful signal to the rest of the world that we are determined to get back to the path of fiscal consolidation. We have laid out a new path and I have said these are red lines; these will never, never be breached. I have kept my promise,” said Chidambaram, while addressing India Summit organised by UK-based magazine ”The Economist”.
” At the end of 2012-13, we have contained the fiscal deficit at 5.2 percent and going forward I promise that in 2013-14, the fiscal deficit will be contained at below 4.8 percent,” he added.
Chidambaram said that investment is the key to growth.
“Growth is the primary goal. Growth leads to inclusive development. Without growth, there can neither be inclusiveness nor development. Therefore, we have set up the Cabinet Committee on Investment chaired by the Prime Minister (Manmohan Singh) that has in the last three months demonstrated its capacity to quicken the process of clearances so that investments take place,” he added.
Chidambaram also stated that India was performing better than its peers at the economic front.
“India”s growth will be better than many of its peers, will be less than China”s, will be more than the world”s average and will be at least three times more than the average growth rate of the industrial economies of the world,” he said.
Chidambaram further said that the new Land Acquisition Bill would balance the rights of the landowners, the rights of the community, especially the tribal and other people and meet the requirements of industry.
“Land Acquisition Act is being described as the most one sided, unfair, unjust law in India, it dates back to 1894. We have a new bill there, a new bill that balances as far as we could do, that balances the rights of the landowners, the rights of the community, especially the tribal and other people and balances the requirements of industry. That bill is in the Parliament,” he said. (ANI)