"We are in better health than many other countries in the world. Therefore there is no reason for excessive or unwarranted pessimism," Chidambaram said. (JPN/Agencies)
Chidambaram said that recent measures taken by the Reserve Bank of India were aimed at reducing volatility in the financial market, where the rupee has dropped to record lows. He added that the government had no intention of introducing capital controls to halt a continued fall of the rupee.
Major highlights of Finance Minister’s press conference
All emerging market economies appear to be affected by currency volatility: FM
No reason for excessive or unwarranted pessimism: FM
FM reaffirms commitment to contain fiscal deficit at 4.8 percent of GDP and CAD at USD 70 billion in 2013-14.
No intention to introduce capital controls: FM
Exploring structural measures to reduce CAD: FM
Growth to remain flat in the first quarter of current fiscal: Chidambaram
Growth revival is the focus of government; no cause to panic that has gripped currency markets: FM
Recent measures to quell speculation in rupee will be reversed once stability returns: Chidambaram
We are not targeting any particular level for the rupee; we want a stable currency: FM
Rupee is undervalued and overshooting appropriate levels: FM
India has to brace up for consequences of US Federal Reserve's decisions: Chidambaram
"We are in better health than many other countries in the world. Therefore there is no reason for excessive or unwarranted pessimism," Chidambaram said.