Chidambaram's efforts will help revive growth: FICCI

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SME Times News Bureau | 08 Aug, 2012
Enthused by Finance Minister P. Chidambaram's assurance of fine-tuning policies, industry body FICCI Tuesday said this would help revive economic growth.

"It is quite obvious that he means business and has immediately put himself in the task of re-igniting the growth triggers of the economy," said R.V. Kanoria, president, Federation of Indian Chambers of Commerce and Industry (FICCI).

"There is a sense of urgency that we could see in the finance minister's address and FICCI would like to lend its complete support in achieving the goals that have been set by the finance minister," Kanoria said.

In his first media interaction after assuming the charge of finance portfolio Chidambaram Monday said the government would fine-tune policies to meet expectations of different stakeholders and revive growth.

Kanoria said FICCI would work with the government in its endeavor to revive the economy and put India back on a high growth path.

India's economic growth slumped to nine-year low of 5.3 percent in the quarter ended March. For fiscal 2011-12, India's GDP expanded by 6.5 percent, substantially down from 8.4 percent growth registered in the previous year.

The growth is likely to remain sluggish in the current financial year as well. The Reserve Bank of India last week lowered its growth outlook to 6.5 percent.

"We have developed a detailed 12 point agenda that touches upon some of the areas mentioned both by the finance minister and earlier by the prime minister," Kanoria said.