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| | More steps in the offing to boost growth: Chidambaram | | | NEW DELHI,Sep 17 (Agencies): The government will take more policy steps in the next one-and-half months to revive growth, Finance Minister P. Chidambaram said while appreciating the RBI’s initiative to unlock Rs. 17,000 crore of banking funds through reduction in CRR by 0.25 per cent.
“I am very confident that between now and October 30 the government is expected to take a number of additional policy measures and also lay out a plan of fiscal consolidation. The response of RBI on October 30 will be far more supportive of growth,” Mr Chidambaram told reporters in New Delhi.
The Reserve Bank is scheduled to come out with second quarter monetary policy review on October 30.
Chidambaram, said: “It (CRR cut) is a small step, but a welcome step. I am not disappointed with the RBI policy. Mid quarter review by RBI is encouraging and supportive. RBI is slated to take more decisions”.
After assuming charge of the Finance Ministry last month, the Finance Minister had said he would take steps to boost economy and revive investor confidence.
The government has already taken a slew of reform measures including allowing FDI in multi-brand retail and allowing foreign carriers pick up stake up to 49 per cent in Indian aviation companies. Besides, the government also hiked diesel prices by Rs. 5 a litre and capped the number of subsidised LPG per family to six a year. |
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