Scope for reducing interest rates, deficits: Finance Minister

March 4th, 2008 - 9:50 pm ICT by admin  

New Delhi, Mar 4 (ANI): Union Finance Minister P Chidambaram today said that there is a scope for reducing interest rates and deficits.

He was speaking at an interactive session on the Union Budget at the National Council meeting of the Confederation of Indian Industry (CII) here today.

Chidambaram however, cautioned that interest rates were the most effective tool to contain inflation and there is a need to have growth with reasonable price stability.

The Finance Minister said that the final authority on reducing interest rates was the Reserve Bank of India.

Chidambaram categorically stated that there would not by any rollback on the budget announcements this year. But if there have been inadvertent mistakes, they will be addressed, he added.

Addressing the query on disinvestment, the Finance Minister said that, the Government has decided to list many more central public sector enterprises.

However, he added, none of the navratnas will be considered for disinvestment. (ANI)

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