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Finance Minister P Chidambaram on Tuesday questioned media reports that expectations of a “stable government” after the elections are bringing investments into the country.
“I am amused to read in some sections of the media that it is the ‘hope’ of a stable government that is bringing in investments and driving up the capital market and the value of the rupee,” he said in a statement.
Questioning this analysis and giving credit to the United Progressive Alliance (UPA) government, Chidambaram said: “It is not hope, but the fact of a stable government provided by the UPA and the numerous measures taken in the past 18 months that have provided stability and strength to the Indian economy.”
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The statement was issued from Sivaganga in Tamil Nadu from where his son Karti Chidambaram is contesting elections.
Notably, Chidambaram referred to the work done in the “past 18 months” — the period during which he held the finance ministry portfolio. Before that, Pranab Mukherjee was the finance minister.
He also exuded confidence that the next government will be led by the Congress. “If there is any hope that is driving the market, I believe it is the hope that the new government will follow the 10-point agenda that I had spelt out in my Interim Budget speech on February 17. I can assure the people and the investors that a Congress-led government will faithfully implement the 10-point agenda,” said Chidambaram.
In the interim Budget, Chidambaram had listed 10 tasks that must be undertaken by the government of the day. These included resorting to fiscal consolidation, displaying no aversion to foreign investment, maintaining price stability and growth, carrying out financial sector reforms, boosting infrastructure and promoting manufacturing.
Choosing subsidies for targeted groups, rebuilding cities, developing skills and sharing financial responsibilities between states and the Centre.
The benchmark equity index Sensex ended flat on Tuesday, closing down 0.27 points at 22,055.21. However, Nifty surged to a fresh high of 6,589.75 by adding 6.25 points. The rupee closed at 60.48 to a dollar on Tuesday.
