Steps to push reforms, investment soon: Chidambaram

Last Updated: Thu, Jun 13, 2013 11:49 hrs

In a bid to accelerate the process of economic reforms and spur investment, government will soon decide on coal and gas pricing and review FDI cap in various sectors including defence, Finance Minister P Chidambaram said today.

A day after rating agency Fitch revised credit outlook for India from negative to stable, he addressed a press conference to say that government will also give a push to 30-40 of the 250 private sector projects that can quickly take off the ground in yet another attempt to boost growth.

With rupee taking a knock on account of high current account deficit, Chidambaram said while he shared the concern, there was no need to panic. He hoped authorities will take measures to ensure that there is no volatility.

However, he ruled out any further increase in duty on gold imports while parrying questions on issuing NRI bonds to attract foreign investment.

The Minister also said that banks should pass on rate cut implemented by the Reserve Bank to the tune of 1.30 per cent for which he will be meeting chairmen of public sector banks. Banks have passed rate cut to the tune of 0.3 per cent only.

"I could not agree with Fitch more. There are a number of decisions which I expect to be taken in the next few days and few weeks. I would think the following issues will be resolved before the end of June.

"Firstly on coal pricing and coal allocation to power plants. Secondly gas pricing. Thirdly on FDI limit and fourthly on a number of steps that Sebi is contemplating based on Chandrasekhar Committee report which was submitted yesterday," he said.

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