Economy likely to grow six percent in FY14: Chidambaram

Jaipur, July 16 (ANI): Union Finance Minister P. Chidambaram on Tuesday said India's economy is likely to grow at six percent or slightly more during fiscal 2013-14.

Addressing media here, Chidambaram said: "This fiscal, India will be growing at six percent, or slightly higher."

Chidambaram further said the government has taken several measures on the economic front in the last few months. For example, he said many steps have been taken to improve exports, coal and gas production.

He also hoped parliament would approve the bill for establishing a real estate regulator and the bill on land acquisition during next month's monsoon session.

He said the government has hiked its investment in public sector enterprises significantly and invested Rs.1.15 lakh crores in this area in 2012-13.

On the measures taken by the Reserve Bank India (RBI) on the volatility of the Rupee, Chidambaram said: "The RBI measures should not be read as prelude to rate change".

"Rupee will find its level depending upon foreign exchange we earn and spend. I don't expect banks to increase interest rates as a result of RBI measures announced yesterday," he added. (ANI)

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