Addressing the media for the first time after he stepped out of the Lok Sabha race, outgoing Finance Minister P Chidambaram said that the Indian economy is now stable and the fundamentals have strengthened.
Responding to allegations by the Bharatiya Janata Party that the economy had tanked under him, Chidambaram said that the Indian economy is strong and there is no talk of downgrade anymore.
Putting some perspective with the help of figures, Chidambaram said, “Fiscal deficit stands at 4.6 per cent.”
“Forex reserves stand USD 300 billion and expect to add USD 25 billion today (last day of financial year),” he added.
He also said, “Current account deficit for 2013-2014 which was originally estimated at 60 billion, and subsequently lowered, is likely to be much smaller —to the tune of USD 35 billion.”
Looking back at his term in the office, he said, “We have to look at UPA’s performance till 2007-08 and see how the government has tackled difficulties.”
“2007-08 was an outstanding year in Indian economic history,” he said, adding that the UPA government had ‘tamed’, and not contained, inflation.