WORDS OF FINANCE MINISTER P. CHIDAMBARAM

Our Finance Minister P Chidambaram, came our city, Ahmadabad on Monday.

From news paper, news channel I came to know many important aspects of our economy which was shared by Finance Minister. He spoke regarding growth of our economy , import of gold, agriculture issues in Gujarat and Maharashtra etc....  Here I am going to share his words.

"Our best minds are working and trying to address the challenges. I am sure in the current year our growth will be 6 per cent against the last year's 5 per cent," he said at an event of a local daily.

The growth rate, he further said, would improve to 7 per cent in next fiscal year and 8 per cent thereafter.

Observing that no country with the exception of China was expected to grow at more than 7 per cent in the current year, Mr Chidambaram said, "Amongst the large economies, India is still the second fastest growing economy in the world."

Referring to gold imports, Mr Chidambaram said, "Imports were low in June but in July it has turned again...in July the imports have risen, therefore those measures (to contain imports) continue."

Gold imports were at 141 tonnes in April and rose to 162 tonnes in May.

“About 302 tonnes of gold was imported in two months. If we multiply it by six, then 1,800 tonnes of gold is to be imported (in the fiscal). So where is the money to import 1,800 tonnes," he asked, justifying steps taken by the government and the Reserve Bank to curb gold imports.

While the government increased customs duty on gold to 8 per cent, the Reserve Bank imposed a series of restrictions on import and financing of gold.

The Finance Minister said India imported 845 tonnes of gold in 2012-13 for which the nation had to shell out $50 billion (about Rs. 3 lakh crore) in foreign exchange

Ref: Story first published on: July 29, 2013 18:18 (IST)

Tags: Economic growth, GDP growth, Gross domestic product, P Chidambaram, Finance Minister

Here You may listen his words!!!!!!! Learn and get Knowledge

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