Chidambaram calls for consensus on steps to tackle economic crisis

Asserting that the Central Government is doing everything to boost investment, Finance Minister P. Chidambaram on Tuesday urged the leaders of various political outfits to work together towards economic policies.

Chidambaram, who was replying to a discussion on the country's present economic situation in the Lok Sabha, said there is a need to work towards less restriction in the economy.

"We have to find a way to resolve the impasse in coal, iron ore mining and land acquisition issues," he said.

Expressing confidence that Current Account Deficit (CAD) will be contained at or below 70 billion Dollars this year, he said that more capital will be infused into the public sector banks to extend agricultural loans to the maximum extent.

Chidambaram emphasized that no stone will be unturned to reap benefits of good monsoon.

"We should reap benefit of a good monsoon. Nothing must be done that would come in way of maximising agriculture production," he said.

The Finance Minister also underlined the need to encourage manufacturing in sectors like power, steel, automobiles and textiles.

"We must increase production of electronics and textiles. We are importing things which we should not have imported. India can be strong only if we have a strong manufacturing economy," he said.

Communist Party of India (CPI) leader Gurudas Dasgupta, who earlier initiated the discussion, said the nation is passing through economic crisis, and warned that the economic crisis of 1991 is not very far away if the government fails to take corrective measures to revive the economic growth.