Union Finance Minister P Chidambaram on Tuesday said political parties should work together to drag the economy out of the present crisis.
Chidambaram made the remarks on a day when the the rupee hit an all time low breaching the 66 mark to touch 66.24 against the dollar
"Despite differences between political parties we should work together towards economic policies.. We should work towards less restrictions in the economy," Chidambaram said in the Parliament.
He said the country needs more reforms to overcome the crisis.
"My basic instinct is that of a reformer. I know I will be contradicted and I respect that right of fellow MPs. We need more reforms. We don´t need more restrictions," he said.
Chidambaram said the government will take every step to contain fiscal deficit at 4.8 per cent.
"Will do everything in my power to contain fiscal deficit at 4.8 per cent," he said.
"We must encourage manufacturing especially in power, steel, automobiles, electronic hardware and textiles. Every step will be taken to encourage manufacturing...We must encourage exports to rein in current account deficit," the Finance Minister said.