The government would take more reform measures in the coming weeks to get the economy back on the growth path and boost the investment climate in the country.
Addressing the Delhi Economics Conclave on Friday, finance minister P Chidambaram stressed that the present challenge was different from the previous one in 2008 and called for “bold and innovative measures.”
“I am confident that the steps we have taken, and some more steps that we will take in the next few weeks, will help turn the Indian economy around,” Chidambaram said.
The finance minister said the performance of India’s external sector was not encouraging with the country’s trade deficit touching a disturbing 10.3% and the current account deficit reigning at 4.2% of GDP in 2011-12.
“This was because, while export growth slowed considerably, imports continued to remain high due to high international oil prices and gold imports,” he said.