Chidambaram to focus on agriculture, manufacturing and investments

By Our Economy Bureau | 26 May 2004

New Delhi: Finance Minister, P. Chidambaram, said yesterday that the United Progressive Alliance (UPA) Government would go ahead with the reforms process and attempt to further consolidate the economy through catalysing massive public and private investments in the manufacturing and agriculture sectors.

In line with the UPA''s stated policy of "reforms with a human face", Chidambaram said that he would endeavour to promote investments with an eye to create jobs and incomes, besides ensuring growth.

"The policies adopted since 1991 have brought considerable benefits and strengths to the Indian economy. What the new Government will now do, and what I will now do, is to factor in the experience gained during the last 13 years," Chidambaram said.

Chidambaran pointed out that the economy was in a "resilient mode," There is great scope for consolidating the growth momentum with special emphasis on agriculture, the manufacturing sector and employment. These three sectors require, and other sectors also require, massive investment."

Mr Chidambaram said that "special and careful attention" would be given to areas of concern. "I have reason to believe that the economy is in a resilient mode - in terms of growth, inflation and balance of payments. I am conscious that there are some areas of concern and these areas will receive special and careful attention," he said.

On the fiscal front, Mr Chidambaram said that the UPA Government would be committed to fiscal consolidation. "Our commitment to fiscal consolidation as reflected in the Fiscal Responsibility and Budget Management Act, 2003 will be honoured."