ASSOCHAM reaction: FM's statement on state of economy
The Associated Chambers of Commerce and Industry of India (ASSOCHAM) said that India Inc. is elated over Finance Minister Mr P Chidambaram's assurance over the key macro-economic indicators stating that current account deficit (CAD) would be brought down significantly to USD 60 billion in FY 14 and the fiscal deficit would be held within the red lines. Last year, the CAD had gone up USD 88 billion sounding alarm bells."The efforts to unblock the major investment projects are also laudable," said Mr D.S. Rawat, secretary general of ASSOCHAM.
"These assertions come on top of the core industrial sector putting up a robust growth of eight per cent and the decisive return of the FIIs (Foreign Institutional Investors) in the stock markets," said Mr Rawat. "The industry is also happy that the government would make all out efforts to get passed by Parliament key financial reforms bills like Insurance and SEBI in the coming session of Parliament."
"Once we are able to tame inflation, we will be back to the robust India growth story, added the ASSOCHAM secretary general.
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