Government to take more steps to turnaround economy: Chidambaram

Last Updated: Fri, Dec 14, 2012 07:00 hrs

Union Finance Minister P Chidambaram on Friday said that the government will take some more steps in the next few weeks to revive the economy.

Addressing the 'Delhi Economics Conclave' here, Chidambaram said: "I am confident that the steps we have taken, and some more steps that we will take in the next few weeks, will help turn the Indian economy around."

Expressing concern over the slow growth witnessed by emerging economies, Chidambaram said "diminished space for policy action" was leaving little scope for improvement.

Concerned over sticky retail inflation, Chidambaram said: "There is no reason at all to become complacent." While headline inflation has moderated to 7.45 per cent in October, the retail inflation remains high at 9.90 per cent.

Chidambaram further said external sector vulnerabilities are affecting the country's economy because of the rapid globalisation of the economy.

He said the government has raised the prices of certain petroleum products in order to contain the subsidy bill and to discourage over consumption. (ANI)

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