Many more steps to boost economy soon: Chidambaram

New Delhi:

Two days after presenting Union Budget 2013, that has been described at best as balanced and pragmatic and at worst as disappointing and lacking substance, Finance Minister P Chidambaram spoke to NDTV's Vikram Chandra and Shweta Rajpal Kohli about the prospects for the Indian economy in the coming financial year (2013-14) and beyond.

• The Budget is not a one stop exercise
• Have done a lot of things before the Budget and will do so hence forth
• Many more decisions will be announced before the Debate on the Finance Bill
• A lot of work has to be done post the Budget
• Previously work on the Budget started only in June
• The implementation process has to start from April and not wait till September
• Can create the environment for the growth engine to re start
• Don't think the corporate sector to expect the whole Budget to be devoted to them
• Big bang announcements are not the way to create a Budget
• Budget needs to focus on critical and crucial things
• Growth doesn't need a big bang, but small critical steps to be taken

• Last year's Planned expenditure was too ambitious
• Planned Expenditure was pegged at GDP growing at 7.5 per cent, while the GDP has grown by only 5 per cent
• I am insisting that the spending begins from the April 1, 2014
• Many ministries haven't spent even 75 per cent of what was allotted

• There was no pressure from within the Congress party
• Limited economic space and fiscal consolidation were the main focus

• Someone not well versed with the law lights a fire and the Finance Ministry has to fire-fight.

• Unless we resolve the Vodafone case, I can't go to Parliament with the Amendment to the Retrospective clause
• Cabinet might consider the Vodafone's conciliatory letter in the next meeting
• A conciliation process takes lesser time than the arbitration process

• The purpose of mentioning the 42800 persons falling above the taxable income of Rs 1 cr or more was to shock
• You cannot hide any one's income any longer
• We have far too much data to find out an individual's income
• There is no shame in earning a high income
• There are chronic defaulters, habitual in hiding their income

• Savings rate in the worst year is 30 per cent
• Given a savings rate of 30 per cent and an investment rate of 30 per cent and ICAR at 4.5 per cent we should get growth of 6 per cent

• I would be happy if the Insurance and Pension Bill can be passed in the Budget Session
• We are confident that the Food Security and Land Acquisition Bill will be passed
• The Lokpal Bill should also pass
• Can't look at a perfect consensus in Parliament on any Bill

• When inflation is high the Central Bank has an obligation to tame inflation
• The borrower looks at the nominal interest rate
• When the trend line shows that the inflation is declining that one has to take some calculative risks
• I think the time to take those risks came 2 months back
• Am sure the Central Bank is watching what we are doing
• Am confident that the Central Bank will take some action

• I think I am reaching a point where I would like to conserve my life to do the things I would like to do

• Can't really say that the worst is over for the World
• We have begun the slow climb back to the mountain top
• Europe and UK are still in recession
• Italy is going through a tail-spin, Japan is stagnant

• Elections are 14 months away
• Have laid the agenda for the next 12 months
• Growth is a winner
• There cannot be inclusiveness or development without growth
• Inclusive growth is a winning mantra

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