Economy to grow at six percent: Chidambaram

Jaipur, July 16 (IANS) Finance Minister P. Chidambaram Tuesday said the economy was likely to grow at six percent or slightly more in the current fiscal year.

"This year, by all estimates, the growth rate will be six percent or slightly above. This is not a satisfactory level of growth," he said.

He attributed the low increase in growth to slowdown in advanced economies.

Chidambaram and Health Minister Ghulam Nabi Azad were in the city to address the media.

The finance minister also spoke at length on the steps the government has taken for the economy. He said the investment in public sector enterprises (PSUs) has been significantly hiked with the government investing around Rs.1.15 lakh crore in PSUs during 2012-13.

He said the government has also taken various steps to improve exports, and coal and gas production and has been able to add 20,622 MW of additional power capacity during 2012-13.

While answering a question on the rupee, the finance minister said RBI's measures announced recently are aimed at curbing excessive speculation and volatility in the forex market.

"One should not read it as a prelude to policy rate changes," he said, adding that the rupee price would be market determined.

Chidambaram also told the news conference that all LPG consumers will start to get subsidy in bank accounts through direct bank transfers by the end of the year.

He said every citizen would have to contribute in stopping the increase in gold prices. "I cannot stop any one from buying gold, I can only appeal to buy less gold. Only this can stop increase in gold prices," he said.

Chidambaram said a large chunk of population in the country is still suffering from malnutrition and starvation. "To tackle the problem and save these people, we have to enact the Food Security Bill, so nobody sleeps hungry," he said.

Minister of Health and Family Welfare Ghulam Nabi Azad said the UPA government has launched several welfare schemes in various sectors including health, education and road construction.

"Most of these projects should have been launched by the respective state governments, but the union government is carrying them out," said Azad.

Matches

MORE TOP STORIES TODAY

On Now: Chennai Super Kings vs Delhi Daredevils

On Now: Chennai Super Kings vs Delhi Daredevils

IPL7, MATCH 8—Chennai bat. Hilfenhaus, Manhas, Ishwar in; Delhi unchanged. More »

Bowling worries for Super Kings

Bowling worries for Super Kings

After failing to defend a mammoth 205 against Kings XI Punjab, Chennai have a lot to think about. More »

T20 test for Cheteshwar Pujara

T20 test for Cheteshwar Pujara

The class act from Saurashtra may have to rethink his approach to the mannerless format. More »

Punjab pull off another big chase

Punjab pull off another big chase

GAME 7, SHARJAH—Maxwell, Miller, Pujara chase down Rajasthan's 192. More »

BCCI reputation lowest in 80 years: Manohar

BCCI reputation lowest in 80 years: Manohar

The former BCCI president says he was "disillusioned" by the happenings at the emergent working committee meeting on Sunday. More »

Special meeting to replace Srinivasan

Special meeting to replace Srinivasan

The BCCI is likely to convene a special general body meeting (SGM) in May to replace N Srinivasan on the board's disciplinary committee. More »

Shastri in proposed IPL probe panel

Shastri in proposed IPL probe panel

Some members stressed on the need for proposing names with an "impeccable record and clean image". More »

Roach escapes injury after car crash

Roach escapes injury after car crash

The West Indies fast bowler lost control of his BMW sedan due to slippery road conditions in his native Barbados on Saturday. More »

Repose faith in Indian coaches

Repose faith in Indian coaches

All of them cost plenty of dollars which I feel is unnecessary for a two- month tournament, says former cricketer Yajurvindra Singh. More »

Panel can help clean mess: Raghavan

Panel can help clean mess: Raghavan

The former CBI Director is one of the three candidates proposed by the BCCI to head the enquiry into the IPL betting and spot-fixing scandal. More »

Cook relieved after period in limbo

Cook relieved after period in limbo

The England captain is looking forward to a fresh start after a dispiriting Ashes defeat last year. More »

[INTERVIEW] Jayawardene and Sangakkara

[INTERVIEW] Jayawardene and Sangakkara

Mahela Jayawardene and Kumar Sangakkara go over their World T20 win, and feel grateful to have fans whose support remains unwavering in victory and de… More »

Need to improve fielding: Ashwin

Need to improve fielding: Ashwin

[T20 Newsline] Lacklustre Super Kings, fast-improving Sanju Samson and other news from IPL-7. More »

Aussie coach joins emerging Afghanistan

Aussie coach joins emerging Afghanistan

Peter Anderson has started work in Kabul as the fast-developing team prepare for their debut at next year's World Cup. More »

Chaos threatens to engulf SL again

Chaos threatens to engulf SL again

As Lanka's head coach decides to jump ship, euphoria over winning an ICC tournament has dissipated into fuistration. More »

Jayasuriya unhappy at Farbrace conduct

Jayasuriya unhappy at Farbrace conduct

Sri Lanka's chief selector is upset at news of head coach Paul Farbrace's possible move to England. More »

Have nothing to prove to anybody — Sehwag

Have nothing to prove to anybody — Sehwag

The Nawab of Najafgarh says a good run in IPL could help his chances of a comeback on India's tour to England in June. More »

Duminy steals first win for Delhi

Duminy steals first win for Delhi

Furious fifties by Duminy and Dinesh Karthik end a long losing streak for the Daredevils. More »

Five things England must do to bounce back

Five things England must do to bounce back

England have appointed a new head coach in Peter Moores. More »

AB, Parthiv seal Bangalore's second win

AB, Parthiv seal Bangalore's second win

Royal Challengers overcame a stutter to cruise to the small target they were set by Mumbai Indians. More »

‘Felt like helpless minority’

‘Felt like helpless minority’

Former BCCI treasurer Ajay Shirke says emotions got the better of Srinivasan and he tried to oversimplify things by calling Meiyappan an “enthusiast.” More »

Royal test for Kings

Royal test for Kings

Preview — Clash of philosophies between Australia-centric teams More »

No way back for Pietersen: ECB

No way back for Pietersen: ECB

Kevin Pietersen's hopes of reviving his international career appeared to end Saturday when ECB managing director Paul Downton said there was 'no way back'… More »

The world record that nearly wasn't

The world record that nearly wasn't

Twenty years ago this week, Brian Lara became Test cricket's highest scorer, but he almost didn't make it. More »