News

Chidambaram to inaugurate economic editors’ meet
24-Nov-2008   Source: Business Line, New Delhi

New Delhi, Nov. 23 The Finance Minister, Mr P. Chidambaram, will inaugurate the three-day annual economic editors’ conference in the capital on Monday.
About 300 editors and financial writers from all over the country are expected to attend the conference.
The Indian economy, even though largely domestic driven, is in the midst of a slowdown and facing the ripples of the global economic crisis. The conference will see economic editors’ and journalists interacting with the Ministers and senior officers of key economic and infrastructure ministries.
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Government monitoring crisis 24x7, says Chidambaram
20-Nov-2008   Source: Hindu

NEW DELHI: Finance Minister P. Chidambaram on Tuesday assured captains of industry that the government, along with the Reserve Bank of India (RBI), was monitoring the situation "24x7" and would take appropriate steps, whenever required, to tackle the "spill-over effects" of the global financial meltdown.
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Cut prices, Chidambaram tells industry
19-Nov-2008   Source: Hindu

NEW DELHI: Union Finance Minister P. Chidambaram on Tuesday advised various sections of industry to reduce prices to induce consumer demand. At the same time, he assured India Inc. that the government was alive to its problems in the wake of the global financial crisis and would consider excise duty cuts for sectors severely affected by the slowdown.

Addressing corporate honchos and business leaders at the India Economic Summit here by the World Economic Forum and the Confederation of Indian Industry, Mr. Chidambaram said: “Hotels must cut tariffs, airlines must cut prices; real estate must cut rates of apartments and homes they sell; car makers and two-wheeler makers must cut prices. Any sector faces problems, I am open to examining suggestions on cut in excise duty rates.
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Standards global, regulation national: FM
14-Nov-2008   Source: Hindustan Times, New Delhi

New global regulatory standards, prudential norms, greater surveillance mechanism and reform of the IMF are among the key points that the Indian contingent will raise on November 15 at the Summit on Financial Markets and the World Economy in Washington DC, Finance Minister P Chidambaram told reporters.
Most important among these, in terms of having a widespread impact, will be the setting up of common regulatory and accounting standards across the globe or at least for G20 nations. "We must have convergence of accounting standards," Chidambaram said. 'Not taking an election-constricted view': FM
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Obama victory positive development: India Inc
06-Nov-2008   Source: Business Line, New Delhi

New Delhi, Nov. 5 The victory of the Democratic candidate, Mr Barack Obama as the 44th President of the US is being viewed as a positive development for Indian trade and business.The National President of the Indo-American Chamber of Commerce, Mr S.K. Jain, said that Indo-US relations can only go forward. “The new President is a very open person and easy to do business with. Speaking as an individual and not for the Government, the Union Finance Minister, Mr P. Chidambaram, said a comment here or there on outsourcing should not bother India. “For once Mr Obama is in office he will realise that in this interconnected world countries have to work together. The US as the world’s largest economy and India as the world’s largest free-market democracy have to work together,” Mr Chidambaram said
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FM shrugs off Obama outsourcing views
06-Nov-2008   Source: Financial Express, New Delhi

Finance minister P Chidambaram on Wednesday said the election of Democrat candidate Barack Obama as President of the United States would strengthen India-US relations and his comments on outsourcing should not bother India. Obama was very vocal on his support for keeping jobs inside the US. In his campaign for the presidential election he had promised tax breaks to firms that create employment within the country and said that sops would be cut for those that shipped the jobs to other countries
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Canara Bank reduces interest rates
06-Nov-2008   Source: Economic Times, Banglore

BANGALORE: Public sector lender Canara Bank on Wednesday announced slashing its benchmark prime lending rates by 75 basis points, a day after Finance
Minister P Chidambaram asked the state-run banks to consider reducing interest rates.
The bank would reduce home and auto loan rates by 25 basis points, a spokesperson of the bank said here.
After the cut the prime lending rates (PLR) would stand at 13.25 per cent down from 14 per cent with effect from November 10 .
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Sensex rallies as PSU banks agree on rate cut
05-Nov-2008   Source: Economic Times, Mumbai

MUMBAI: Indian equities extended the pull-back rally on Tuesday, outperforming Asian peers, as sentiments turned bullish in realty, infrastructure and banking sectors after public sector banks agreed on cut in interest rates.
In a meeting with the chiefs of state-owned banks, Finance Minister P Chidambaram hinted that after RBI's initiative to cut rates it was their turn to reciprocate to keep the realty and infrastructure growth ticking.
In the meeting, PSU banks reached a consensus to cut interest rates on advances by 75 basis points and on deposits by 50 bps.
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FM to meet bank chiefs
03-Nov-2008   Source: Hindustan Times, New Delhi

Finance Minister P Chidambaram will meet the heads of public sector banks on Tuesday to discuss the liquidity situation in the economy. Though it is a routine affair, the meet is significant in the context of the current global and domestic economic scenario.
The Reserve Bank of India has already taken several monetary measures to ease the liquidity situation and facilitate the lending exercise, interest rates are yet to come down. The issue will feature prominently in Tuesday's meeting, sources said
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FM to meet chiefs of PSU banks on Tuesday
02-Nov-2008   Source: Hindustan Times, New Delhi

Finance Minister P Chidambaram will meet heads of public sector banks on Tuesday in the backdrop of series of measures taken by the Reserve Bank to ease money supply.
It is expected that the Finance Minister would review half yearly performance of banks and implementation of debt waiver scheme and interest rate scenario, banking sources said
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Economy’s in green, and no pink slips: FM
01-Nov-2008   Source: Economic Times, New Delhi

NEW DELHI: Finance minister P Chidambaram has said the country’s growth rate forecast of 7.5% will not be revised downwards even if the economic scenario in the US and Europe worsens. "The global slowdown has been factored into RBI’s 2008-09 growth forecast of 7.5%," he said while talking to reporters in the Capital on Friday.
Expressing confidence in the fundamentals of the country’s economy, Mr Chidambaram said that India is in a better position to weather the financial turmoil than many other emerging economies.
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Right time to scrap export duty on some iron,steel items:FM
31-Oct-2008   Source: Hindu, New Delhi

New Delhi (PTI): Finance Minister P Chidambaram today said the decision to scrap export duty on certain iron and steel products was taken to ensure that their exports remain competitive in the wake of falling international prices.
"International prices have fallen. In order to ensure that value-added products continue to be exported, taking into account the international prices, we think this is the appropriate time to remove export duty," Chidambaram told reporters here.
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Chidambaram lays stress on importance of higher studies
27-Oct-2008   Source: Hindu

SIVAGANGA: Union Finance Minister P. Chidambaram has called upon the people to send their children for higher studies, including professional courses.
Speaking at a convocation ceremony held in a college at Ilayangudi near here on Sunday, he said most of the students who appeared for higher secondary examinations did not pursue higher studies. This percentage was very low in the country when compared to a few developed countries. Being literate was not enough. All students should go beyond high secondary school level to reap the benefit of education.
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Cut tax rates on property transfer: Chidambaram
26-Oct-2008   Source: The Hindu

The Finance Minister, P Chidambaram called upon states to reduce tax rates on transfer of property to enhance their tax revenue from this sector. "I think we must look at taxes on transfer of property in India, reduce the tax rates, reduce the transaction cost and therefore that is a big source of revenue," Chidambaram said at a USAID function here.
He said a large number of transactions in property went untaxed since the tax rates and the transaction costs are so high. "As my friend just said there will never be a real estate asset bubble in India because the (revenue from) taxes are so depressed to the real price," he added.
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Credit policy on expected lines: FM
25-Oct-2008   Source: Financial Express

NEW DELHI: Union Finance Minister P. Chidambaram on Friday maintained that the credit policy unveiled by the Reserve Bank of India (RBI) was “on expected lines” even as the stock markets gave a ‘thumbs down’ to the status quo in key rates and plunged to their lowest depths in recent years.
Hailing the RBI’s mid-term review of monetary policy and noting that the apex bank would take radical steps, if necessary, to tackle the financial crisis in the emerging situation, Mr. Chidambaram said: [The] RBI will continue to deploy both conventional and unconventional tools. We cannot rely only on conventional measures but we will have to adopt unconventional or unorthodox measures
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Banks have Rs 27,300cr derivatives exposure: FM
23-Oct-2008   Source: Economic Times

NEW DELHI: Government on Tuesday said the forex derivative losses do not pose any systemic issue and the marked-tomarket (MTM) exposure of the banks on account of these transactions with companies stood at around Rs 27,300 crore. A number of companies lost huge amount of money in the foreign exchange derivatives and had complained to RBI and finance ministry on this issue.
FM P Chidambaram told Rajya Sabha that the exchange rate movement of rupee is closely monitored and RBI intervenes whenever it is required . He said depreciation of rupee against dollar is mainly due to lower levels of net capital inflows due to turmoil in global financial markets, of which net outflows on account of FIIs is a major component. Rupee has depreciated by over 20% in the last six months to Rs 49 per dollar on Tuesday
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Govt may miss fiscal, revenue deficit targets this fiscal
22-Oct-2008   Source: Economic times

NEW DELHI: For the first time, the govt today admitted that it may miss the budget targets for fiscal and revenue deficits for 2008-09 as global financial crisis is exerting pressure.
"Thanks to the global financial crisis, which is exerting pressures on all economies, it is likely that we may overshoot budget targets (for fiscal and revenue deficits)," Finance Minister P Chidambaram said at USAID function here.
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Centre may miss fiscal deficit target: FM
23-Oct-2008   Source: Hindu
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FM discusses liquidity situation with bankers
22-Oct-2008   Source: Hindu

New Delhi (PTI): Finance Minister P Chidambaram held a meeting with senior bankers last evening in the backdrop of easing liquidity situation following a slew of measures taken by both RBI and the government. "The meeting reviewed situation in the light of easing liquidity situation," Punjab National Bank Chairman and Managing Director K C Chakrabarty said. Credit delivery to productive sector was also discussed during the meeting, he said. The meeting was also attended by State Bank of India Chairman O P Bhatt and Indian Banks Association and Bank of India Chairman T S Narayanaswami
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FM sees economic growth at around 8%
21-Oct-2008   Source: Economic Times

NEW DELHI: Finance minister P Chidambaram on Monday exuded confidence that the country's economy would grow at about 8% in the current fiscal despite the global financial crisis. He, however, said the cash crunch prevailing in the world would affect the country's financial markets too."Credit crunch that the world faces has also impacted us. We have taken a series of measures to infuse greater liquidity and to restart the process of credit," he said at a function to mark 50 years of Indo-German bilateral development cooperation. Mr Chidambaram said the country has good regulations and regulators.
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Another step to improve liquidity: Chidambaram
21-Oct-2008   Source: Business Line

New Delhi, Oct. 20 The Finance Minister, Mr P. Chidambaram, on Monday said that the 100 basis point cut in repo rate was another measure in the series of steps announced since October 6 to improve liquidity in the banking system.
"It (repo rate cut) is consistent with our objective of moderating inflation as well as ensuring satisfactory growth. The cut in repo rate will be beneficial to many sections of people, especially borrowers as well as investors," Mr Chidambaram told reporters soon after the RBI’s announcement.
He also expressed hope that the repo rate cut to 8 per cent would enthuse investors to take forward their investment proposals. Since October 6, the RBI has reduced cash reserve ratio by 250 basis points, leading to infusion of about Rs 1 lakh crore into the banking system
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FM's subsidy bill shows extra Rs 1L cr
21-Oct-2008   Source: Economic Times

NEW DELHI: FInance minister P Chidambaram on Monday sought Parliament approval for an additional spend of Rs 1,06,113 crore ($21.7 billion) for the fiscal year to fund the food and fertiliser subsidy bills as well as provide for the farm loan waiver scheme. This is the net additional outgo from the government for the fiscal year. The gross additional spending stands at Rs 2,37,000 crore, which would be offset to a large extent by savings of various ministries. According to analysts, the additional spending would lead to bigger borrowings, putting pressure on government finances and widening the fiscal deficit to more than the Budget target of 2.5% of gross domestic product. However, this is likely to add liquidity in the system and generate economic activity.
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Indo-German cooperation strategy
20-Oct-2008   Source: Business Line

Astrategy paper to further Indo-German development cooperation will be released on Monday on the occasion of celebration of 50 years of this cooperation. The strategy paper will be released jointly by the Union Finance Minister, Mr P. Chidambaram, and the visiting German Federal Minister for Economic Cooperation and Development, Mrs Heidemarie Wiecxorek-zeul. On Monday, both ministers will participate in the celebration of 50 years of Indo-German development cooperation. This cooperation started in 1958, with Rourkela steel plant. Germany is the seventh largest foreign investor in India with cumulative FDI inflow of $2.26 billion.
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MoU signed
17-Oct-2008   Source: Hindu

Bangalore: The Credit Guarantee Fund Trust for micro and small enterprises signed a memorandum of understanding with Canara Bank on Wednesday. This will bring the bank under the 50 per cent guarantee cover for credit advanced between Rs. 50 lakh and Rs. 1 crore. The participating banks bear the remaining 50 per cent. Trust’s Chief Executive Officer O.S. Vinod, said Union Finance Minister P. Chidambaram’s suggestion that the average size of loans guaranteed should average Rs. 5.5 to Rs. 10 lakh, was being implemented
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Rupee weak, yields dip on liquidity rush
16-Oct-2008   Source: Economic Times

MUMBAI: Bond yields dipped on Wednesday, as market participants pinned hopes on further liquidity-easing measures by the Reserve Bank of India (RBI).
Yields on the 10-year benchmark bond, the 8.24% bond maturing in 2018, ended the day at 7.91%, dipping from its previous close of 7.94%. After market hours on Wednesday, finance minister P Chidambaram announced that the government would immediately inject Rs 25,000 crore into the banking system, and that the foreign investment in corporate debt has been doubled to $6 billion. This was followed by RBI announcing a one percentage point cut in CRR for banks, which will effectively inject Rs 33,000 crore into the banking system. However, RBI also announced that it will sell Rs 10,000 crore of two dated securities on Monday, October 20
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Banks, Nabard to get first instalment of farm debt waiver
16-Oct-2008   Source: Business Line

New Delhi, Oct. 15 The Finance Minister, Mr P. Chidambaram, on Wednesday announced that the Reserve Bank of India would provide temporary liquidity support of Rs 25,000 crore to commercial banks and Nabard against the farm debt waiver’s first instalment reimbursement monies due to them from the Government on November 1.
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Reserve Bank to announce more steps for liquidity: Chidambaram
15-Oct-2008   Source: Economic Times

NEW DELHI: Reserve Bank of India Governor D Subbarao is expected to announce more measures to ease the liquidity conditions in the economy after a review meeting with Prime Minister Manmohan Singh late Tuesday.
Finance Minister P Chidambaram, who was also present at the meeting, told reporters here Wednesday that it was also agreed at the meeting that credit to borrowers must be ensured at least to the extent of sanctioned amounts.
"The RBI governor is on his way to Mumbai and will work out the details of the measures agreed upon. I expect to be able to make a statement later in the afternoon," the finance minister said
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More measures in works to inject liquidity: PC
14-Oct-2008   Source: Economic Times

NEW DELHI: The high-level liquidity panel on Monday closely examined a slew of options including cuts in cash reserve ratio (CRR), statutory liquidity ratio (SLR), government securities or gold, and interest rate cut to tide over the liquidity crisis.
Innovative measures taken in other countries like providing guarantees to deposits and borrowings of banks was also discussed by the panel chaired by finance secretary Arun Ramanathan. Earlier in the day, finance minister P Chidambaram also promised more measures to infuse liquidity into the system.
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Sensex above 11,000, ICICI Bank up 20%
14-Oct-2008   Source: Economic Times

MUMBAI: Equities gained momentum Monday as bulls returned with a bang on assuring comments from the Finance Minister P Chidambaram and positive cues from Asian markets. Heavy buying in index-heavyweight ICICI Bank pushed benchmarks higher.
The finance minister said liquidity was the main problem and it will be addressed both with fiscal and monetary measures. He assured that Indian economy was growing at a satisfactory pace At 11:22 am, Bombay Stock Exchange's Sensex was at 11,029.28, up 501.43 points or 4.76 per cent. The 30-share index touched an intra-day high of 11,029.28 and low of 10,817.68.
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Nifty Oct at 60 pts premium, resistance seen 3600
14-Oct-2008   Source: Economic Times

MUMBAI: Snapping the losing streak, Indian stock markets posted handsome gains on Monday as sentiment improved on reassurances by Finance Minister P Chidambaram about swift action and US Federal Reserve's move to provide unlimited dollar flow to meet the liquidity crunch in the financial markets.
Banking, capital goods, consumer durables and realty sectors gained the most as NSE's 50-share Nifty soared 6.43 per cent to close the day at 3490.70.
Nifty October futures provisionally settled at a huge premium of 60 points to spot. The contract jumped 7.47 per cent and added 33.53 lakh shares in open interest. The cost of carry was strong at 28.
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Sensex ends day higher by 174 points
14-Oct-2008   Source: The Hindu

Mumbai (PTI): Stock markets on Tuesday opened strongly with benchmark Sensex rising by over 500 points after another pep talk by Finance Minister P Chidambaram but came off day's high level to close the day with a gain over 174 points amid a surge a Asian and European bourses.
Extending its gains for the second day in row, the 30-share Sensex on the Bombay Stock Exchange ended the day at 11,483.40, a rise of 174.31 points, or 1.54 per cent, from its previous close
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Stocks open gap-up on FM comments
13-Oct-2008   Source: Economic Times, New Delhi

MUMBAI: Stocks opened sharply higher Monday after re-assuring comments on the market situation by finance minister P Chidambaram on the health of Indian economy.
He expressed confidence that India can weather the storm of financial crisis blowing across the world saying the country's economic fundamentals and the banking system were strong.
National Stock Exchange's benchmark Nifty climbed 88.75 points to 3368.70.
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FM conveys concern over IIP figures to Industry Minister
11-Oct-2008   Source: Hindustan Times, New Delhi

Finance Minister P Chidambaram on Friday appeared to be sceptical over the industrial production figures, which showed a plummeting of industrial growth to 1.3 per cent, and said he has conveyed his concerns to the Ministry of Industry.There are certain concerns about the IIP figures and I have conveyed these concerns in the past and today to the Ministry of Industry,"" he told PTI reacting to the data on Index of Industrial Production released by the government
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RBI, government infuse liquidity
11-Oct-2008   Source: Hindu, New Delhi

Union Finance Minister P. Chidambaram announcing steps to tackle the financial crisis, at a news conference in North Block in New Delhi on Friday.
The Union government and the Reserve Bank of India (RBI) on Friday swiftly moved into the fire-fighting mode to infuse ‘adequate” liquidity into the monetary system.
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Chidambaram cancels Washington visit
10-Oct-2008   Source: Economic Times, New Delhi

NEW DELHI: Finance Minister P Chidambaram tonight cancelled his visit to Washington for attending the Fall meeting of the World Bank and IMF on Monday.
Sources said he cancelled his visit to be available here for tackling any situation arising out of the spreading global financial crisis and its ripple effect on India.
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Fundamentals of Indian economy still strong: FM
10-Oct-2008   Source: Economic Times, New Delhi

NEW DELHI: Finance Minister P Chidambaram Friday reiterated that the fundamentals of the Indian economy were strong, and set up a high-level group to look into the liquidity requirements following the mayhem in the capital market.
The government admitted liquidity was the main problem, a fact reflected in India's central bank - Reserve Bank of India - Friday morning cutting the cash reserve ratio rate (CRR) by another 100 basis points to 7.5 per cent
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Economy can still post 8% growth, says Chidambaram
09-Oct-2008   Source: Business Line, New Delhi

New Delhi, Oct. 7 The Finance Minister, Mr P. Chidambaram, has said that India can still end the current year with a growth rate of 8 per cent despite the financial turmoil across the world.
"I am confident that in 2009-10, the growth rate will bounce back to 9 per cent," Mr Chidambaram said at the NDTV Business Leader of the Year Awards function here on Monday evening.
Stating that India would to some extent get affected, but indirectly, by the storm blowing across the world, Mr Chidambaram however highlighted that Indian business and industry had placed the country in a situation "where we can weather the storm".
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Don't act in haste or panic: FM to investors
09-Oct-2008   Source: Economic Times, New Delhi

NEW DELHI: Finance Minister P Chidambaram on Wednesday asked investors to take informed decisions and not to act in panic or haste in the light of steep volatility in the stock market.
"My advise to them (investors) is only this-- take informed decisions, don't act in haste or panic," he told reporters after the special Cabinet meeting on global financial crisis here.
Reposing faith in the Indian economy, the Finance Minister said there is no reason to act in haste or panic.
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P-Notes curbs lifted to boost foreign capital inflows: FM
09-Oct-2008   Source: Economic Times, New Delhi

NEW DELHI: Finance Minister P Chidambaram on wednesday said restrictions on the Participatory Notes were lifted to encourage more capital inflows and to prevent investment opportunities from shifting to other destinations.
"The problem today is to encourage more inflows and not to export our markets to Singapore," he said while briefing newspersons about the special cabinet meeting to discuss the global financial crisis.
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Function only as banks to stay out of crisis, FM tells bankers
05-Oct-2008   Source: Hindu

NEW DELHI: Seeking to draw lessons from the ongoing global financial meltdown, Finance Minister P. Chidambaram on Saturday advised domestic banks to function only as bank lending institutions to stay out of the kind of crisis being faced by their counterparts in the U.S. and Europe. Speaking at a banking summit on north-eastern States here, Mr. Chidambaram said: "A banker can only be a banker. If he tries to be something else, we will face the same crisis as the U.S. and Europe are facing today."
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It's for states to adopt sixth pay panel: Chidambaram
04-Oct-2008   Source: Economic Times

NEW DELHI: Finance Minister P Chidambaram on Saturday rejected the demand of north-eastern states to share the burden of additional wage bill and said discretion of adopting the recommendations of the Sixth Pay Commission rests with individual states.

"The Sixth Pay Commission is meant for the central government employees. It is for a state to decide whether it wants to adopt or not," he said while responding to demands raised by representatives of north-eastern states that Centre should bear the additional burden of new pay structure for state government employees.
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Financial sector in pink of health: FM
01-Oct-2008   Source: Financial Express

NEW DELHI: As impact of the US financial turbulence spread to various parts of the world, finance minister P Chidambaram and capital markets regulat or SEBI sought to assure investors that the Indian market is sound and attractive, and promised action against violators. Even as stock market indices stayed in the red in early trade and heads of Asian states tried to convince investors of the soundness of their economies, Mr Chidambaram hurriedly called a Press briefing to assure that the authorities were keeping a close watch on the developments and that if any policy tweaking was needed, it would be done.
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Financial constraints to hamper MDGs, says FM.
27-Sep-2008   Source: Financial Express

"Dismissing Western countries' oft-repeated argument in recent months that developing countries' increased consumption levels are responsible for soaring food prices, finance minister P Chidambaram said that more than a quarter of India's over one billion population still survives on less than $ 1 a day, in an intervention at the United Nations General Assembly meeting in New York on Friday. Chidambaram also warned that financial constraints are likely to hamper the timely achievement of the Millennium Development Goals (MDGs) with regard to poverty alleviation. ""An argument is made that large developing countries are over-consuming' leading to increased food costs. Nothing could be further from the truth. Developing countries continue to have high child malnutrition levels and still need to battle chronic hunger. "
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Chidambaram’s call to bank unions
22-Sep-2008   Source: Hindu, Chennai

SIVAGANGA: Union Finance Minister P. Chidambaram on Sunday asked the bank employees’ unions to give up the proposed all-India strike on September 24 and 25 as negotiations had begun with the parties concerned for an amicable solution.

Inaugurating the 157th branch of Indian Bank at Ulagampatty, near here, he said there was no need to go on strike. Talks were on to find a solution to the unions’ demands
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Colleges told to tap skill development corporation
22-Sep-2008   Source: The Hindu

PUDUKOTTAI: Polytechnic and engineering colleges in the country should take the maximum advantage of the National Skill Development Corporation for enhancing the skills of students and make them employable, Union Finance Minister P. Chidambaram has said.
Delivering the keynote address at the silver jubilee celebrations of Subramanian Polytechnic College at Rayavaram, near here, on Saturday, he said the Corporation, floated by the Union Ministry of Finance with a corpus of Rs.1,000 crore, was aimed at enhancing the skills of students to meet the growing demand for efficiency in industry. The Corporation planned to develop the skills of the youth, and more funds would be allotted to it.
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Banking sector quite safe: Chidambaram
21-Sep-2008   Source: The Hindu

PUDUKOTTAI: Strong government guidelines and strict Reserve Bank of India norms have ensured a safe foundation for nationalised banks in the country, said P. Chidambaram, Union Finance Minister.
Speaking at the inauguration of Bank of India branches at Kothamangalam and Alankudi villages near here on Saturday, Mr. Chidambaram asserted that the banking sector in the country was quite safe. "There need not be any apprehension or fear about the stability of our banking industry."
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Plea for a bank branch at Andakulam
20-Sep-2008   Source: Hindu

PUDUKOTTAI: The District Chairman of Farmers’ Forum of India G.S. Dhanapathy has urged the Union Minister of Finance P. Chidambaram, to take steps to start a branch of the nationalised bank at Andakulam in Kunnadarkovil panchayat union in the district. In a press release issued here on Friday, Mr. Dhanapathy said that although the branch of the Indian Overseas Bank, started in 1975, was functioning in the village till 2002, it was later merged with its adjoining branch in Perungalur, which fell in Pudukottai panchayat union.
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Centre to provide Rs 79 cr to 10 loss making PSUs
19-Sep-2008   Source: Business Line, New Delhi

The Centre has decided to provide over Rs 79 crore to 10 loss-making public sector enterprises for meeting outstanding dues, salary and wages for the period January-May 2008.

The Cabinet Committee on Economic Affairs (CCEA) today gave its approval to provide budgetary support of Rs 79.7 crore toward liquidating outstanding statutory dues, salary and wages from January 1 to May 31, 2008 in respect of 10 loss-making CPSEs,” the Finance Minister, Mr P. Chidambaram, told reporters after the CCEA meeting here.
The enterprises that have got budgetary support under the package are Bharat Wagon Engineering, Hindustan Cables, HMT, HMT (Watches), HMT (Chinar Watches), Hindustan Photo Films, Instrumentation Ltd, National Instruments, Triveni Structurals and Tungbhadra Steel Products.
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FM vouches for health of banks, talks up market confidence
19-Sep-2008   Source: Financial Express, New Delhi

Finance minister P Chidambaram on Thursday calmed the panicky stock markets, stating Indian banks have virtually no exposure to Lehman Brothers, the fallen Wall Street investment bank. He also stated that events abroad would not derail financial sector reforms.
The stock markets, nervous in recent days, reacted well to the minister’s assurances. The bellwether BSE Sensex, which had closed at 13,262 on Wednesday and slumped by 704 points in the morning session, swung back after Chidambaram’s comments around noon. The Sensex closed the day up 52 points, at 13,315.
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No cause for alarm: Chidambaram
19-Sep-2008   Source: Hindu, New Delhi

Finance Minister P. Chidambaram on Thursday assured investors and the people at large that there was “no cause for any alarm” on account of the U.S. financial crisis as Indian banks were largely insulated from the consequent global turmoil. In his maiden reaction to the collapse of U.S. investment banker Lehman Brothers and bail-out of insurer AIG (American International Group) by the U.S. Federal Reserve, Mr. Chidambaram said that the government would continue on the path of reforms to maintain the momentum in economic growth at close to eight per cent.
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Tata-AIG payment obligations will be met
19-Sep-2008   Source: Economic Times, New Delhi

Tatas, on Thursday, assured insurance regulator IRDA that all Tata-AIG payment obligations will be met, according to Finance Minister P Chidambaram.
The assurance comes in the wake of the mistrust that the American turn of events have meant for insurer AIG that has a tie-up with Tatas in India. Despite assurances from the Insurance Regulatory and Development Authority (IRDA) that money invested with Tata AIG Life Insurance is safe, some policyholders is cagey about their investments in the company. They continue to remain sceptical about the company’s ability to service claims.
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Goldman Sachs, others get FIPB nod to invest in India
18-Sep-2008   Source: Economic Times

NEW DELHI: The government has cleared 12 proposals involving foreign direct investment (FDI) of Rs 1,400 crore, including that of Goldman Sachs Group to set up a primary dealership firm in the country. The proposals were cleared by finance minister P Chidambaram on the recommendations of Foreign Investment Promotion Board. Goldman Sachs (Mauritius) plans to undertake the activities as a primary dealer.
A proposal by National Housing Bank, US-based United Guaranty and International Finance Corp to establish a joint venture for undertaking mortgage guarantee activities in India was also cleared. The JV is set to bring in total FDI of Rs 570 crore
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Chamber presses for logistics park, mass transit system
15-Sep-2008   Source: Hindu, Chennai

DEVELOPMENT AGENDA: Union Finance Minister P. Chidambaram and Indian Chamber of Commerce and Industry office-bearers display copies of the Coimbatore 2025 action plan he released in the city on Sunday. A mass rapid transit system, a logistics park for the trade and industry and other sections and ring roads are among the projects that the Indian Chamber of Commerce and Industry, Coimbatore is listing as among the key infrastructure requirements of Coimbatore.
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Do not hesitate to give education loans
15-Sep-2008   Source: Hindu, Chennai

Coimbatore: Investing in human resources is the best possible investment one can make. This investment will give more returns than any other will. Hence, banks should not hesitate to give education loans to students, Union Finance Minister P. Chidambaram, said here on Sunday.
Inaugurating the 1,937th branch of Indian Overseas Bank (IOB) at Madampatti, near Coimbatore, he said that in the last four years since the United Progressive Alliance (UPA) Government came to power, Rs. 20,000 crore had been given to 12,51,691 students. This was an enormous jump from the figure of 3,19,339 during the National Democratic Alliance rule.
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Inflation will be brought down to moderate level soon: FM
14-Sep-2008   Source: Economic Times, Chennai

COIMBATORE: Expressing confidence that inflation would be brought down to a moderate level soon, Union Finance Minister P Chidambaram said on Sunday that the government had taken certain steps in this regard. ""Nobody can be happy with inflation. The government has taken certain steps to bring down inflation and it will come down to a moderate level soon,"" he said here
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Health cover for the poor
12-Sep-2008   Source: Business Line, Chennai

Mr P.Chidambaram, Union Finance Minister, launched the Revised Universal Health Insurance Scheme of United India Insurance Company at Karaikudi on Sunday last. The scheme has been launched with the aim of providing better health expenses coverage for Below poverty line (BPL) population with reduced premium and enhanced benefits. The families of Shankarapuram Village were issued the new health insurance policy, a press release issued by the company said
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Country must ensuremore people use public transport: FM
08-Sep-2008   Source: Economic Times, Chennai

CHENNAI: Union Finance Minister P Chidambaram today said that the country must alter or fine tune its policies towards transportation to ensure more people use public transport and travel less by private vehicles.
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Stone laid for hospital
08-Sep-2008   Source: The Hindu, Chennai

KARAIKUDI: Promotion of public-private partnership is one of the best ways to provide excellent healthcare facilities to the needy, including poor, Union Finance Minister P. Chidambaram has said.
Laying the foundation stone for Apollo Reach Hospital at Managiri, on the outskirts of Karaikudi on Sunday, he said that providing healthcare facilities was the responsibility of the government. But providing quality healthcare to a huge population was a huge task for any government. Public-private partnership would be a better way to ensure excellent healthcare for all, he said.
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Chidambaram announces reduction in UHIS premium
06-Sep-2008   Source: Hindu, Chennai

CHENNAI: Union Finance Minister P. Chidambaram on Friday announced significant changes to the Universal Health Insurance Scheme (UHIS), including reduction of premium and relaxation of age limit.
Speaking at a function to launch Apollo Reach hospitals here, Mr. Chidambaram said the current individual premium of Rs. 365 per annum under the UHIS This would be reduced to Rs. 300 per annum. The existing premium for a five-member family – Rs. 548 per annum, would drop to Rs. 450 per annum. Again, for a seven-member family, the premium of Rs. 730 per annum would go down to Rs. 600 per annum, the Minister said.
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Former deputy CAG is CEO of NPS trust
03-Sep-2008   Source: Financial Express

Finance minister P Chidambaram has set the ball rolling for the Pension Fund Regulatory and Development Authority (PFRDA) to open up the New Pension Scheme (NPS), for all private individuals in the country last Friday, without waiting for the PFRDA Bill to get through Parliamentary clearances. Even as the PFRDA gears up to fulfill the fresh mandate, the trustees for the NPS appointed a chief executive officer for the trust after a meeting in the Capital on Tuesday. The trust, chaired by former Rajya Sabha secretary general Yogendra Narain, has appointed NR Rayalu, former deputy comptroller and auditor general of India, as its CEO. The NPS trust was recently set up by the PFRDA in order to oversee the functioning of fund managers, central record-keeping agency (CRA) and the banker appointed by the interim regulator.
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Gandhi museum to be revived soon
01-Sep-2008   Source: The Hindu

MADURAI: The Gandhi Memorial Museum will be revived in a couple of years and made an internationally renowned institution, said N. Mahalingam, chairman, Gandhi Museum. Delivering the special address at the function organised to commemorate Gandhian scholar M. Mariappan on his 70th birthday here on Saturday, he said that Finance Minister P. Chidambaram had agreed to release funds to revive the Museum. “We are working towards getting the funds and utilising them fully to make it an international museum.”
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We expect 8% growth, says Chidambaram
30-Aug-2008   Source: Business Line

Mumbai, Aug. 29 The Finance Minister, Mr. P Chidambaram, said the country’s GDP would likely grow close to 8 per cent in the current fiscal. "Last year we expected 9 per cent growth and ended the year with 9.1 per cent. This year too we are confident that we will be more or less correct in our assessment. There is a high degree of savings and investments,” said the Minister, speaking to reporters on the sidelines of a conference in Mumbai. Any Finance Minister would “give an arm and a leg" to report GDP growth of 8 per cent for their country, said Mr Chidambaram.
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Farm loan waiver may get costlier
28-Aug-2008   Source: Economic Times

NEW DELHI: The government may have to once again revise the cost of the farm debt waiver scheme. The finance ministry is considering interest payment on the delayed reimbursement of Rs 72,000 crore farm loan written off by the public sector banks.

"Banks have suggested that they be compensated on payment of farm debt waiver and the ministry is considering the proposal,"" financial sector secretary Arun Ramanathan told reporters after a meeting of finance minister P Chidambaram with chairpersons of regional rural banks (RRBs)."
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Inflation gives govt fiscal deficit buffer
27-Aug-2008   Source: Financial Express

Even as industry captains voiced concerns over high interest rates and slackening consumer demand at a meeting with finance minister P Chidambaram on Tuesday, they were told by the minister to continue with their investment plans, as the India growth story is intact. Though inflation is running at a 16-year high and India's fiscal outlook is under scrutiny by global rating agencies, there is good reason for Chidambaram's confidence.
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8-9 per cent growth possible, Chidambaram tells industry
26-Aug-2008   Source: Hindustan Times

"Finance Minister P Chidambaram on Tuesday told industry leaders he believed the economy would log an eight to nine per cent growth in the current fiscal.

“The finance minister was optimistic of an eight to nine percent growth in the current fiscal while interacting with CEOs (chief executive officers),” Confederation of Indian Industry (CII) chairman KV Kamath told reporters after the meeting between Chidambaram and CII members.

Chidambaram, according to Kamath, told the gathering that the slowdown in industry was “marginal”, and that it could be attributed to a global slump"
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Financial Express: FM to meet CEOs to take stock on industry concerns
26-Aug-2008   Source: Financial Express

With the inflation and interest rates are at record high and industrial productivity dipping, finance minister P Chidambaram is scheduled to meet select industry leaders on Tuesday to review their performance and discuss pressing concerns. Chief executive officers of leading firms associated with the Confederation of Indian Industry will be present at the meeting, sources said. The CEOs are expected to discuss the increased borrowing costs that are hurting India Incs performance. Sources said the problems being faced in Singur by Tata Motors is also likely to come up for discussion.
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Chidambaram to meet ‘select group’ of CEOs
26-Aug-2008   Source: Business Line
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Funds distributed to service organisations
25-Aug-2008   Source: The Hindu

CHENNAI: Union Finance Minister P. Chidambaram disbursed funds to service organisations at an event organised on Sunday to commemorate the 50th anniversary of Madras Round Table 1 (MRT-1).He also unveiled a plaque with details of 16 government schools to which Rs. 1.4 crore was donated through Madras Round Table-1 for the construction of 51 classrooms.
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Indian institutions may not be up to facing challenges: Chidambaram
25-Aug-2008   Source: The Hindu

CHENNAI: India’s meta-institutions – the judiciary, Election Commission, tax system, educational institutions and press – may not be as robust as they need to be to face the challenges of the future, according to Finance Minister P. Chidambaram.

Releasing economist Arvind Subramanian’s new book, ‘India’s Turn: Understanding the Economic Transformation in Chennai’ on Sunday, Mr. Chidambaram was commenting on Dr. Subramanian’s belief that such institutions were strong enough to stand up to any crisis.
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Chidambaram highlights banks’ role in economic growth and prosperity
24-Aug-2008   Source: The Hindu

PUDUKOTTAI: Nationalised banks play a vital role in bringing about the country’s economic growth and contribute to the overall prosperity of the nation, Union Finance Minister P. Chidambaram said on Saturday.

After declaring open the 2,701st branch of Canara Bank at Ponnamaravathy near here, he rejected the criticism that the starting of new branches would not help to achieve the desired goals. More branches were needed to reach out to the people.
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Appoint legal draftsmen to avoid ambiguities: FM
22-Aug-2008   Source: The Economic Times

New Delhi: The government has accepted that there are drafting errors in important laws including the Special Economic Zone (SEZ) Act, Income-Tax (I-T) Act and Prevention of Money Laundering Act.

In the SEZ Act the definition of vacant land has not been provided and it needs a redressal by the law ministry, finance minister P Chidambaram said on Wednesday.

Mr Chidambaram said that all types of conundrums arise because of these drafting errors. He also proposed that every ministry should appoint a legal draftsmen to avoid ambiguities while bringing notifications or announcement.
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Appoint legal draftsmen to avoid ambiguities: FM
21-Aug-2008   Source: Economic Times

New Delhi: The government has accepted that there are drafting errors in important laws including the Special Economic Zone (SEZ) Act, Income-Tax (I-T) Act and Prevention of Money Laundering Act. In the SEZ Act the definition of vacant land has not been provided and it needs a redressal by the law ministry, finance minister P Chidambaram said on Wednesday.
Mr Chidambaram said that all types of conundrums arise because of these drafting errors. He also proposed that every ministry should appoint a legal draftsmen to avoid ambiguities while bringing notifications or announcement.
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Skill development corp to be set up; meet on Aug 19
16-Aug-2008   Source: Financial Express

The finance ministry has started the process of setting up the National Skill Development Corporation (NSDC). It has decided to contribute Rs 1,000 crore towards the initial corpus of the NSDC. To this end, finance minister P Chidambaram plans to hold a meeting with the representatives of various ministries and trade and industry associations on August 19. One of the key principles of NSDC is that it should be led by private-sector. The mission of NSDC is to open up the skill economy' to make it market led. One of its major tasks will be to open institutes and polytechnics to impart skill training in various areas and managing their fund requirements.
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Inflation leaps to 12.44% on high food & fuel prices
15-Aug-2008   Source: Financial Express

Ending a month of relative stability, inflation resumed its upward spiral and rose to 12.44% for the week ended August 2, on higher food and fuel prices. Finance minister P Chidambaram, in an uncharacteristic admission, said the figures were a "a major disappointment", though he noted that prices of 30 essential commodities have declined on a week-on-week basis. The inflation rate stood at 12.01% a week before, as per provisional data. The rise in inflation is in line with the grim outlook painted by the Prime Minister's Economic Advisory Council (EAC) a day before. The EAC, in its economic outlook for 2008-09, had warned of inflationary pressures in the economy because of surging global commodity prices, and projected that it could even go beyond 13% this fiscal. It, however, stressed that a tighter monetary and fiscal stance may help curb prices and bring inflation down to 8 to 9% by March 2009.
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Govt asks public banks to avoid competing for bulk deposits
14-Aug-2008   Source: Economic Times

NEW DELHI: The government has asked public sector banks (PSBs) to avoid cut-throat competition for bulk deposits as it increases their cost of funding and affects profitability. Finance minister P Chidambaram on Wednesday asked bankers to provide credit for productive sectors including education, agriculture and industry.
He said that there is no slowdown in credit offtake from banks. However, there has been no growth in agricultural credit during the first quarter of the current fiscal because of the farm debt waiver scheme and delayed monsoon in some parts of the country. Mr Chidambaram said that GDP growth for the fiscal would be close to 8 per cent against the prime minister's Economic Advisory Council's estimate of 7.7 per cent.read more..

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Chidambaram sees 8% growth
14-Aug-2008   Source: Business Line

New Delhi, Aug. 13 The Finance Minister, Mr P Chidambaram, on Wednesday expressed confidence that Indian economy would grow close to 8 per cent in 2008-09. This observation came on a day when the Prime Minister’s Economic Advisory Council projected a growth rate of 7.7 per cent for the economy during 2008-09.

"If the Prime Minister’s Economic Advisory Council pegs it at 7.7 per cent, I can confidently say that it will be close to 8 per cent", Mr Chidambaram told reporters here. read more..
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India, UK call for global financial bodies' reforms
13-Aug-2008   Source: Financial Express

India and the UK have urged international financial institutions such as the International Monetary Fund (IMF) to work towards developing 'an early warning system of the threats from the international financial system to financial and economic stability.' In a joint statement issued on Tuesday by finance minister P Chidambaram and the Chancellor of the UK exchequer Alistair Darling, following a UK-India Economic and Financial Dialogue, the two countries made a call to reform the international financial institutions and support an effective multilateral response to global challenges and opportunities. Welcoming the setting up of the industry-led International Centre for Financial Regulation (being launched in London this year), India and UK expressed the need for voluntary guidelines to be developed by private equity and hedge funds, investment vehicles whose clout in financial markets has risen exponentially in recent years. read more..

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India, U.K. to undertake joint study on trade barriers
13-Aug-2008   Source: Hindu
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TN police officials submit memorandum to Chidambaram
09-Aug-2008   Source: Hindu

Chennai (PTI): A team of police officials led by Chennai City Police Commissioner R Sekar and suburban Commissioner S R Jangid, on Saturday met Union Finance Minister P Chidambaram and submitted a petition on the Sixth Pay Commission, seeking pay parity between IPS and IAS officers. The officers met the Finance Minister at the airport while he was waiting to board a New Delhi-bound flight, after coming from Madurai. read more..
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Chidambaram bats for a single party rule at Centre
09-Aug-2008   Source: Economic Times

BANGALORE: Making out a strong case for single party rule, Union Finance Minister P Chidambaram on Friday appealed to the people to ensure that the party they voted had a working majority so that it could implement its promises. "In a democracy, people deserve a government that delivers and a government can only deliver when the people vote for a party that has a working majority", he said at a function here, virtually batting for revival of single party rule in the country. read more..
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FM to meet bankers next week, discuss loan waiver scheme
05-Aug-2008   Source: Economic Times

MUMBAI: The finance ministry is expected to take a stock on the farm loan waiver and banks' performance in the forthcoming meeting with the chiefs of government-owned lenders. Top executives of PSU banks will meet finance minister P Chidambaram on August 13 in New Delhi.

Senior bank officials said that although the ministry has not formally issued an agenda for the meeting, the FM is most likely to discuss first quarter performance.

On the past few occasions, FM held meetings with bank chiefs soon after the credit policy and urged them not to raise lending rates even as RBI had raised the benchmark rates. However, this time banks' margins (difference between the cost of funds and yield on advances) have come under severe pressure and many banks have raised lending rates. read more..
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Move afoot to revive mechanism for disseminating farming information
03-Aug-2008   Source: Hindu, Chennai

SIVAGANGA: The Centre will take effective steps to revive the ‘train-and-implement’ concept through extension centres in villages for disseminating information on agriculture to farmers and making sure the adoption of the latest techniques in fields, said Union Finance Minister P. Chidambaram here on Saturday.

The concept was very popular in 1960s, when agricultural officials would visit villages and meet farmers to inform them of the latest technologies.

However, their efforts did not yield the desired results. Keeping this in mind, the Centre had allotted more funds to ‘ATMA,’ a similar concept, to form small committees for exchanging information with farmers.

Mr. Chidambaram was speaking at the inauguration of ‘e-Choupal,’ a concept introduced by ITC Limited to disseminate agriculture-related information to farmers by using information technology. read more..
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Loan waiver: State seeks reimbursement
02-Aug-2008   Source: Hindu, Banglore

Bangalore: Union Finance Minister P. Chidambaram inaugurated the 1,000th branch of Corporation Bank at HSR Layout here on Friday. The 1001st branch at Sidlaghatta in Chickballapur district was inaugurated by Minister for Major and Medium Irrigation Basavaraj Bommai.
Congratulating the employees of the bank, Mr. Bommai pointed out that Karnataka was the home base for at least four large nationalised banks.
Referring to the farm loan waiver scheme announced in the Union Budget, Mr. Bommai urged the Centre to consider compensating the State Government for its loan waiver scheme.
He said the Karnataka Government had announced the scheme in 2007. About 12 lakh farmers had benefited from the decision, which cost the State Government Rs. 1,750 crore. read more..
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Chidambaram launches ITC e-Choupal in Sivaganga
02-Aug-2008   Source: Business Line, Chennai

SIVAGANGA: The Union Finance Minister, Mr P Chidambaram on Saturday launched the Indian Tobacco Company's (ITC) e-Choupal facility in his native district here, saying it would help increase farm productivity by 50 per cent. The e-Choupal facility is aimed at providing variety of information such as weather and soil conditions for the farming community.

Recalling how the training and visit programme by the agricultural extension workers worked wonders during the days of green-revolution and helped in increasing productivity, Mr Chidambaram said, “The training and visit system had become weak now”. With hundreds of TV channels and FM radio the farmer no more listened or viewed the Doordarshan or the All India Radio for farm-related information, he added read more..
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FM vows to push ahead with reforms.
01-Aug-2008   Source: Financial Express

Union finance minister P Chidambaram on Thursday said the UPA government will carry out all reform measures that do not require parliamentary approval. At the same time, he asserted that the three overarching Bills for financial sector reforms-the Banking Regulation (Amendment) Bill, 2005; the Insurance Bill seeking to raise the FDI cap from 26% to 49% and the Pension Fund Regulatory and Development Authority Bill, 2005-would be passed by Parliament within the government's term. "We will continue to take executive action to push reforms. When we reassemble in Parliament we can return to legislative reforms," the finance minister said. While some of the reforms can be effected by just an executive order, the BJP's decision not to co-operate with the government on economic reform bills has put a question mark on the prospects of the rest. read more..

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Reforms via executive orders: FM
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Govt approves Rs 17,033 cr for power reforms
31-July-2008   Source: Economic Times

NEW DELHI: The Centre on Thursday approved an allocation Rs 17,033 crore for revamping a power sector reforms programme aimed at cutting commercial and other losses of state utilities.
The decision to restructure the Accelerated Power Development and Reforms Programme (APDRP) covering 571 projects in the first phase was taken by the Union Cabinet at its meeting here. read more..
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Fast-tracking the economic reforms agenda
28-July-2008   Source: Hindu

The top three leaders in government, dealing with the economy and industry — Prime Minister Manmohan Singh, Finance Minister P. Chidambaram, and Commerce and Industry Minister Kamal Nath — have spoken in one voice and seemingly in a hurry to push ahead with the economic reforms agenda. Making out the Left parties as being the obstacle till now for introducing major financial sector reforms, these leaders and Deputy Chairman, Planning Commission Montek Singh Ahl uwalia have all indicated that talks with the Samajwadi Party (SP), other constituents of the United Progressive Alliance, and if possible some other smaller parties in the opposition, will begin soon on the agenda for the upcoming monsoon session of Parliament. read more..
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RBI Governor meets Finance Minister ahead of policy review
26-July-2008   Source: Business Line

New Delhi, July 25 Ahead of the first quarterly monetary policy review for 2008-09 on July 29, the Reserve Bank of India Governor, Dr Y.V.Reddy, met the Union Finance Minister, Mr P. Chidambaram, at the latter’s North Block office here on Friday. Dr Reddy declined to take questions from the media. The meeting, which is a customary one before the review, lasted nearly an hour. This meeting comes at a time when expectations are high that the central bank would go in for further tightening of monetary policy to tame the double-digit inflation in the economy.
The RBI Governor has been holding frequent meetings with the Finance Minister in the wake of inflation situation. This is his second meeting in the last fortnight.
The Finance Ministry, which had already taken a slew of fiscal measures to tame inflation, is of the view that monetary policy was the first line of defense against inflation. It is also of the view that some growth may have to be sacrificed to tame inflation, which is well above the RBI’s comfort zone of 5-5.5 per cent. read more..
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FM says economy will grow at 7 to 8 per cent in FY'09
24-July-2008   Source: Hindustan Times

Finance Minister P Chidambaram on Tuesday termed the current fiscal as a "difficult year" for the economy, yet the growth rate would be around 7-8 per cent.

"This government will ensure that economy will grow at 7-8 per cent compared to an average growth of 5-6 per cent when NDA was in power," Chidambaram said during the debate on the vote of confidence motion in Lok Sabha. read more..
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Rs. 50,254-cr. debt waived, says Chidambaram
23-July-2008   Source: Hindu

NEW DELHI: Union Finance Minister P. Chidambaram on Tuesday informed the Lok Sabha that debt waivers to the tune of Rs. 50,254 crore had been granted by various banks as part of the scheme announced by the government.

Making his intervention in the Lok Sabha during the trust vote discussion, the Minister said debt relief was granted for a sum of Rs. 16,223 crore, taking the total amount disbursed till date to Rs. 66,477 crore. Amid protests from the Opposition members, he said the beneficiaries included 2,98,05,305 small and marginal farmers, besides 65,81,818 other farmers.

Describing 2007-08 as a watershed year in India’s agricultural history, Mr. Chidamabaram gave details of the record food grains production that helped the sector register growth. “This has come about through far-sighted plans, missionary approach and attention to details,” he said.read more..
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Nation must emulate China for growth: FM.
23-July-2008   Source: Financial Express

Asserting that India was on way to become an economic super power with the end of its nuclear isolation, finance minister P Chidambaram on Tuesday said the nation should emulate China for faster growth. "The government has charted out a new path which will end India's nuclear isolation which will pave the way for India becoming an economic superpower," he said Terming the current fiscal as a "difficult year" for the economy, he said despite the odds the nation would end up with a higher growth rate than that witnessed during the six years of the NDA rule. "I have no hesitation in saying that I do not envy China. I want to emulate China. I want India to become an economic power, an economic super power," he said, participating in the debate on the confidence vote. read more..
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National Skill Development Council by August
21-July-2008   Source: The Hindu, Chennai

CHENNAI: The National Skill Development Council, constituted by the Centre to set up skill development centres across the country, will start functioning by August, Union Finance Minister P. Chidambaram said on Sunday.
The council will be a not-for-profit organisation and based on a public-private partnership model. Fifty-one per cent of the equity will be held by the private sector.
In the Union budget, Rs. 1,000 crore has been allotted for the council, and Rs. 15,000 crore will be raised through the partners, he said, speaking at a function organised to celebrate the Doctors’ Day by the Apollo Hospitals Group.
He said that 10 sectors had been identified for skill development training. This initiative would help to address the lack of skilled workers in industries, including healthcare. read more..
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Phase II of Krishna project launched
20-July-2008   Source: Business Line, Chennai

Hyderabad can look forward to improved drinking water supply as the Union Finance Minister, Mr P. Chidambaram, inaugurated the Krishna Drinking Water Supply Project - Phase II at Sahebnagar reservoir here on Saturday. The 116-km long project would assure an additional water supply of 90 million gallons per day (Mgd) to the city, Mr G. Ashok Kumar, Managing Director, Hyderabad Metropolitan Water Supply and Sewerage Board, told newspersons after the inauguration of the project. It was completed with Rs 1,080 crore. The Godavari drinking water project, to be completed in three years, envisaged a Rs 4,000 crore investment and the State was willing to fund up to Rs 1,800 crore, he said adding that the Centre might come forward to provide Rs 2,200 crore. read more..
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Chidambaram okays Godavari project
20-July-2008   Source: Hindu, Chennai

Hyderabad: Efforts to get Godavari waters to tide over the perennial drinking water crisis facing the State capital has got a boost with Union Finance Minister P. Chidambaram indicating his tacit approval for the project. The city could not depend entirely on a single source to quench its thirst. Godavari river should be tapped for meeting the ever increasing needs of Hyderabad, Mr. Chidambaram said.

While inaugurating the Phase II of the Krishna Drinking Water Supply Project at the Sahebnagar Terminal Balancing Reservoir here on Saturday, the Union Minister appreciated the logic and the State government’s keenness to procure Godavari waters. This has bolstered the morale of the HMWSSB which has posed the project to the Centre for funding under JNNURM. read more..
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Chidambaram: Hyde Act can’t bind India
20-July-2008   Source: Hindu

HYDERABAD: Asserting that the India-U.S. civilian nuclear deal was aimed at ending the country’s “nuclear isolation” and gaining access to technology, Union Finance Minister P. Chidambaram said on Saturday that it would continue to pursue its strategic nuclear programme without subjecting itself to any safeguards or inspection.

The Minister sought to allay apprehensions over the impact of the Hyde Act claiming that the 123-Agreement, once voted “up” (ratified) by the U.S. Congress would be the last expression of the legislature and would prevail over any previous domestic law. And, “Article VI (2) of the U.S. Constitution mandates that all treaties made, or which shall be made under the authority of the U.S. would be the `supreme law’ of the land.” read more..
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Legal illiteracy leads to confusion over N-deal: FM
20-July-2008   Source: Economic Times, Delhi

HYDERABAD: Three days ahead of the trust vote in Parliament, the lawyer in the finance minister P Chidambaram blamed the current stand-off over the Indo US nuclear deal to the “widespread and appalling legal illiteracy” in the country.

Speaking at the NALSAR University of Law in Hyderabad on Saturday, Mr Chidambaram made a pitch for the legal fraternity to take a lead in placing the nuke-deal in the right perspective. read more..
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Chidambaram to attend NALSAR convocation today
19-July-2008   Source: Hindu, New Delhi

HYDERABAD: The sixth convocation of the National Academy of Legal Studies and Research (NALSAR) University of Law will be held on Saturday and Union Finance Minister P. Chidambaram will be the chief guest.
Justice A.R. Dave, Chief Justice of the A.P. High Court and Chancellor of the University, will award one LLD, three Ph.Ds, 20 LLM, 23 Masters degrees in Taxation and Business Law and 70 B.A., LLB (Hons) degrees along with gold medals at the convocation. Chief Minister Y.S. Rajasekhara Reddy will be the guest of honour.
Justice P. Chandrasekhara Rao, formerly president of the International Tribunal for Law of the Sea, will be honoured with the degree of Doctor of Laws (LLD) Honoris Causa at the convocation while Ph.Ds would be awarded to Narasimha Rao, P. Vijaya Kalyani and Sudhir Raja Ravindran. read more..
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How to tame inflation? Patience, says FM.
10-July-2008   Source: Financial Express

Finance Minister P Chidambaram on Wednesday sought to ease the psychological pressure in the economy, set in with surging inflation and high interest rates hitting the industries, by saying that "right attitude and patience" could help the country face such problems. The unabated surge in inflation rate, from under four per cent in January this year to over 11 per cent in June, prompted the central bank to raise the interest rate at which it lends to banks in the short-term, repo rate, to six-year high of 8.5 and the proportion of deposits that banks have to keep in cash, Cash Reserve Ratio, to 8.75 per cent. The high interest rate regime has hit the industrial growth and the infrastructure expansion, which rose 3.5% in May; down from 7.8% in the same month a year ago. "Fast growing economies (like India) will face such problems. read more..

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Cautious RBI sticks to GDP growth projection of 8.5%
10-July-2008   Source: Economic Times, Mumbai

MUMBAI: Not subscribing to the optimism of a 9% GDP growth for 2007-08 by the government, the Reserve Bank of India (RBI) on Tuesday kept its GDP growth projection unchanged at 8.5%. Rooted within the limitations of slackening momentum in industrial and services sectors, the central bank kept the growth targets unchanged. The regulator has also factored in global uncertainties that may moderate the performance of manufacturing as well as services.
Finance minister P Chidambaram on Monday said that the economy was likely to expand by 9% this year. The economy has clocked an average of 8.6% over the past four years. The mid-term monetary policy statement said, ""Real GDP growth in 2007-08 is placed at 8.5% for policy purposes, as set out in the annual policy statement of April 2007, assuming no further escalation in international crude prices and barring domestic or external shocks. read more..
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SBI to decide on home loan rates in a week
02-July-2008   Source: Economic Times, New Delhi

NEW DELHI: The largest bank in the country will take a call on its home loan rates after a week, State Bank of India (SBI) chairman OP Bhatt said on Tuesday. He said the bank is not ruling out further monetary tightening measures from the Reserve Bank of India (RBI).
The bank raised its benchmark prime-lending rate by 50 basis points to 12.75% last week. Mr Bhatt said, "The hike in PLR would have consequential impact on the corporate sector. A slowdown in demand due to the increase in PLR cannot be ruled out."
Mr Bhatt said the home loan business of SBI has seen a higher growth rate in April and May compared with the same period last year. But he admitted interest rate-sensitive sectors like automobile loans may get affected if interest rates move up. read more..
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Chidambaram wants more banks in rural areas
01-July-2008   Source: Economic Times, New Delhi

NEW DELHI: Finance Minister P. Chidambaram said here today that he wants banks to open more branches in rural areas of the country.

Chidambaram was speaking to Bank Managers through Video conferencing on the occasion of online inauguration of 101 State Bank of India (SBI) Branches in New Delhi.

He said that even the poor and disadvantaged sections of the society as well as the slum dwellers should have access to the formal banking system read more..
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Chidambaram flays opposition to project
30-June-2008   Source: Hindu, Chennai

SIVAGANGA: Union Finance Minister P. Chidambaram has asked the people to oppose those who are against an industrial project planned at Amaravathi Pudur near Karaikudi.
Indirectly referring to the All India Anna Dravida Munnetra Kazhagam’s opposition to Sterlite’s aluminium fluoride plant, he said: "Some people" thought that opportunities should not be given to the poor to become rich. "We can accept opposition, if it is genuine. Otherwise, we will have to oppose it vehemently." Stressing the need for bold initiatives for progress, Mr. Chidambaram said: "The path followed by us for the past 5,000 years didn’t help to eradicate poverty. But, the new path being followed has liberated crores of people from poverty. There are still crores of people to be set free from poverty. Following the new path is the only option." read more..
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Loan waiver scheme to benefit 6.64 lakh farmers in Haryana.
28-June-2008   Source: Financial Express, New Delhi

The loan waiver scheme is likely to benefit 6.64 lakh farmers in Haryana according to data of prospective beneficiaries compiled by different banks in the state. The total relief will be of about Rs 2,108.46 crore to farmers of the state either by way of waiving off loans or by relief. As the scheme has got flak from opposition and pat from ruling party in Haryana, the chief minister clarifying some of the issues said that the scheme is in consonance with the policies of the Congress party. He said finance minister P Chidambaram had announced the scheme in Budget for the year 2008-09 so as to benefit the hard pressed farmers in the country. read more..
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FM calls for banking reforms to push financial inclusion.
27-June-2008   Source: Financial Express, New Delhi

Union finance minister P Chidambaram made a strong plea on Thursday to let the stalled banking reforms proceed in order to make financial inclusion a reality for India's poor. Speaking at a top-notch gathering of India's bankers, industry leaders and politicians at The Financial Express Best Banks Awards, the minister pitched for the passage of the Banking Regulation (Amendment) Bill, 2005 to make the voting rights of shareholders in private sector banks equal to their voting shares. Currently, voting rights of the shareholders are capped at 10%, irrespective of their actual holding. ""A bill is pending in Parliament on just this one clause,"" Chidambaram said, adding the bill to amend the Banking Regulation Act of 1949 could go through Parliament within the tenure of this government if the national level bank unions and the bank managements were to hold deeper dialogue to remove misapprehensions. read more..
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Statement of Finance Ministry on REPO rate hike
25-June-2008   Source: PIB, New Delhi

Last Friday, Ministry of Finance had indicated that the monetary authorities were expected to take action on the demand side to moderate inflation and quell inflationary expectations.

Reserve Bank of India has hiked the REPO rate by 50 basis points and the CRR by 50 basis points (in two stages). These steps are expected to have a salutary effect. These steps are necessary in the face of rising inflation due to relentless increase in crude oil prices. On June 20, the trading day preceding the Jeddah meeting, crude oil price on the NYMEX was US$134.63 per barrel. This morning, it is US$136.80 per barrel. On the positive side, as Minister of Agriculture has noted, we have very satisfactory stocks of wheat and rice; adequate supplies will be provided to the PDS; and stocks will be sold in the open market, when necessary, to restrain prices.. read more..
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RBI 'intensively examining' issues to ease inflationary pressures
24-June-2008   Source: Hindu, Pune

Apprehending that high oil prices could continue, the Reserve Bank on Monday said it has started ""intensive examination"" of the issues and options for managing demand and easing inflationary pressures.
RBI Governor Y V Reddy said that after evaluating emerging inflation scenario he had met the Prime Minister and the Finance Minister on Saturday for a detailed discussion and the Bank "will play its part in moderating and managing aggregate demand so that pressures on prices are not intensified." read more..
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BoM presents dividend cheque
24-June-2008   Source: Business Line, New Delhi

Bank of Maharashtra has paid Rs 66.10 crore to the Central Government towards dividend for 2007-08. The Centre has 76.77 per cent stake in the bank. The dividend cheque was handed over to the Union Finance Minister, Mr P. Chidambaram, by Mr Allen C.A.Pereira, Chairman and Managing Director of the bank, here recently. For the year 2007-08, the bank had declared dividend of 20 per cent. - Our Bureau read more..
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India Inc's effective tax compliance rate rises to 26% in 2007-08
23-June-2008   Source: Economic Times

If increasing subsidy bill is giving headache to P Chidambaram, he has found succour in higher direct tax collections. Direct tax receipts from companies and personal income have reportedly, increased 71.3% (ET June 19) in the first two months of the current year compared to the same period last year. This may be too early to predict the collections for the full year, but if one goes by past records the finance minister has every reason to be optimistic. After all, rationalisation of tax structure has been giving good dividends. Despite a fall in tax rate, collections of corporate tax have increased steadily. read more..
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Oil Prices threaten to wipe out the economic gains made by developing countries: Finance Minister
22-June-2008   Source: PIB, New Delhi

Your Excellencies, Ministers from Oil-Producing and Consuming Countries, Distinguished Delegates, Ladies and Gentlemen. We are gathered here under extraordinary circumstances and I speak to you today with a heavy heart and a sense of foreboding. Let me begin by thanking H.E. Mr. Ali I. al-Niami, Minister of Petroleum and Mineral Resources, Kingdom of Saudi Arabia, for providing us a platform at this critical juncture in the Global Energy Dialogue. read more..
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Inflation in double digits!.
21-June-2008   Source: Financial Express, New Delhi

Inflation jumped to a 13-year high of 11.05% for the week ended June 7, rising by 230 basis points from the week earlier. It could cross 12% by end June. Finance minister P Chidambaram said, "These are indeed very difficult times," and promised more countermeasures. The stock and bond markets were rattled by the price rise, due largely to dearer primary commodities and partially to a base effect. Analysts expect the Reserve Bank of India to raise the short-term lending rate, or repo rate, by another 25 basis points before its credit policy review on July 29. read more..
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Top leadership reviews inflation; RBI may tighten money supply
21-June-2008   Source: Economic Times, New Delhi

NEW DELHI: As inflation spiralled to a record level, the Prime Minister, the RBI Governor and the Congress leadership got together to work out damage control measures that may see the central bank taking stringent steps to tame prices. A day after inflation figures shot to a 13-year high of 11.05 per cent, RBI Governor Y V Reddy met Prime Minister Manmohan Singh and Finance Minister P Chidambaram and discussed urgent measures to control the situation read more..
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Microcredit scheme for slum dwellers launched
20-June-2008   Source: PIB, New Delhi

Finance Minister, Shri P. Chidambaram along with Chief Minister, NCT of Delhi, Smt. Sheila Dixit launched here today, a Pilot Microcredit Scheme to provide loans at reasonable rates of interest to the slum dwellers of Ekta Vihar in Delhi. The scheme enables slum dwellers to get loans for retail trade, auto rickshaws and other vehicles, home improvement, education and other purposes. The loan beneficiaries will also be able to secure life insurance cover from LIC. This initiative has potential to greatly improve the prosperity and opportunities of the slum dwellers and its success will enable its implementation in other slum areas, both in Delhi and beyond. There are around 4 million slum dwellers in Delhi, the vast majority of whom are excluded from the benefits of India's economic growth and are unable to access financial services. read more..
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Self-help groups too star in farm loan relief blockbuster
20-June-2008   Source: Economic Times

KOLKATA: The UPA government has widened the scope of the farm loan waiver package, in an attempt seen as a move to win over a larger section of farmers before the next Lok Sabha elections. Finance minister P Chidambaram elaborated on the details of the new-look scheme on Thursday to the country's top bankers in a video conference. As per fresh directions, all self-help groups (SHGs) of farmers are eligible for loan waiver even if disaggregated data of loan extended to each farmers of the group may not be maintained with branches. Banks offer loans to SHGs as group-loans, and therefore, no disaggregated data is maintained at branch level. Then, farmers who had availed of short-term gold loans for agricultural investment will be covered under the package read more..
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Reward taxmen to sustain revenue boom
19-June-2008   Source: Economic Times, New Delhi

New Delhi: Speaking to reporters after inaugurating the conference of the chief commissioners of income tax (I-T ) on June 9, 2008, the finance minister P Chidambaram proudly announced the figures of income tax collections for the financial year 2007-08 and called it an important achievement of the UPA government.
According to The Economic Times report of June 10, he has said Given the actual collection during 2007-08 at Rs 3,14,468 crore, I have asked the Central Board of Direct Taxes to quickly revise upwards the budget (estimates). The estimate will no longer be Rs 3,65,000 crore . read more..
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Bankers should shed conservatism: FM
17-June-2008   Source: Hindu, Chennai

Bangalore (PTI): Finance Minister P Chidambaram on Monday asked bankers to shed their ""conservative"" attitude towards lending to entrepreneurs as he announced a commitment to pump in nearly Rs 1,000 crore additional fund to an initiative to promote the micro, small and medium enterprises sector. He said bankers are extremely conservative at taking risk and lending to such enterprises, adding, there is a need for changing the scenario. He was speaking at a function here, where he released the 100,000th credit guarantee approval by Credit Guarantee Fund Trust For Micro & Small Enterprises (CGTMSE), which was set up by the Government of India and SIDBI. read more..
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Canara Bank, HSBC insurance JV kicks off
17-June-2008   Source: Hindu, Chennai

BANGALORE: Finance Minister P. Chidambaram on Monday inaugurated the operations of the life insurance venture run by Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd. The company — a joint venture of Canara Bank, Oriental Bank of Commerce (OBC) and HSBC Insurance (Asia Pacific) Holdings Ltd., the Asian insurance arm of the banking and financial services group, HSBC — with a capitalisation of Rs. 325 crore is headquartered in Gurgaon, Haryana. read more..
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Chidambaram walks the talk on loan waiver monitoring:
17-June-2008   Source: Business Line, Bangalore

First, it was the public sector bank Chief Executive Officers’ turn to inspect how branches have complied with the farm loan waiver scheme. Today, it was the turn of the Finance Minister Mr P. Chidambaram himself to monitor compliance.

The Minister inspected the books of some branches during the last few days. Among the banks inspected were the rural offices of the public sector Vijaya Bank and Canara Bank. read more..
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Govt wants banks to be liberal in lending to youth
17-June-2008   Source: Business Standard, Bangalore

Directing banking institutions to shed their conservative approach in funding young entrepreneurs, Union finance minister P Chidambaram on Monday hinted at fine-tuning the credit guarantee scheme of the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) to increase its coverage. read more..
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Govt hikes minimum support price of paddy
15-June-2008   Source: Economic Times

The government raised the minimum support price (MSP) for paddy by Rs 105 to Rs 850 per quintal for this kharif season. Also, it approved the new pricing policy for fertilisers which is likely to reduce the cost of complex fertilisers by Rs 1,416 per tonne.

Announcing the measures finance minister P Chidambaram said the MSP hike of paddy was only an ad-hoc measure as the states had divergent views on the subject. read more..
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Govt to pay more for paddy
13-June-2008   Source: Hindustan Times

The government on Thursday raised procurement price for paddy for the upcoming winter crop to Rs 850 per quintal. It also decided to ask the Prime Minister’s Economic Advisory Council (EAC) to examine recommendations to substantially raise government procurement prices for the kharif crop.

The report of the Commission for Agricultural Costs and Prices (CACP) — which recommends the minimum support price (MSP) for crops on the basis of input costs — will be examined by the EAC due to the divergent views of state governments, Finance Minister P. Chidambaram told reporters after a meeting of the Cabinet Committee on Economic Affairs. read more..
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FM favours global auction for 3G
13-June-2008   Source: Economic Times

NEW DELHI: Finance Minister P Chidambaram and communication minister A Raja are learnt to be in favour of endorsing an international competitive bidding for allocating 3G spectrum. In a meeting on Thursday, Mr Chidambaram is said to have asked Mr Raja to put in place policies that will pave the way for auction of 2G spectrum, both for new players and existing operators. Also present in the meeting were DoT secretary Siddharth Behura and finance secretary D Subba Rao. The developments could not be confirmed as ET's calls to Mr Raja's mobile went unanswered. read more..
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No shortage of fertilisers: Chidambaram
12-June-2008   Source: Economic Times

NEW DELHI: A day after BJP blamed the UPA government for non-availability of fertilisers in Karnataka, the Centre on Thursday said there was no shortage and asked the states to remove the local bottlenecks for ensuring movement of the key farm input in all districts.

"The Fertiliser Ministry assures us that there is no shortage. Adequate fertilisers are available and are being provided," Finance Minister P Chidambaram said at a press meet. He was briefing reporters after the cabinet meeting. read more..

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FM calls for expanding direct tax kitty target to Rs 4 lakh crore
10-June-2008   Source: Economic Times, New Delhi

New Delhi; Close on the heels of introducing stringent austerity measures to control wasteful spending, the government is now eyeing higher collections from direct taxes. Finance minister P Chidambaram on Monday said the budget estimate of Rs 3,65,000 crore for direct tax collections would be revised ‘substantially’. The new target could be set at about Rs 4,00,000 crore read more..

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Come up with something creative, PC tells BJP
7-June-2008   Source: The Economic Times, New Delhi

New Delhi; Finance minister P Chidambaram on Friday said BJP's ""resolution on prices"" was an exercise in self deception aimed at spreading disinformation.

Refuting the claims made by the party in the resolution that was adopted at its national executive, he said the UPA government had scored on all counts - growth, fiscal management, savings and investment, food grain output and inclusiveness despite facing the brunt of high global crude prices.

However, he admitted that inflation is a problem and said the government was willing to take more measures to contain it.
The current inflation is almost entirely due to relentless rise in crude oil prices. This rise has also triggered the rise in commodity prices and, because bio-diesel is produced from food items like maize, sugarcane and palm oil, food prices have also come under pressure. The government of India, like governments all over the world is fighting inflation, he said. read more..
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Finance Minister refutes BJP resolution on economy
7-June-2008   Source: Business Line

New Delhi, June 6 The Finance Minister, Mr P. Chidambaram, on Friday dismissed the BJP national executive’s resolution on prices and the economy, stating that it was an “exercise in self-deception” and aimed at spreading “disinformation”. In a statement issued here, Mr Chidambaram gave a point-by-point rebuttal to the cardinal economic issues set out in the BJP national executive’s resolution and contrasted the economic performance of the UPA with that of the NDA Government, in which BJP was the main constituent. read more..
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36% increase in direct tax collections
7-June-2008   Source: Business Line

New Delhi, June 6 The Finance Minister, Mr P. Chidambaram, will inaugurate the 24th Annual Conference of Chief Commissioners and Directors General of Income Tax here on June 9.

An official release said that the two-day conference is expected to discuss, among other things, speeding up of processing of tax returns, augmenting revenue collections, improving selection and quality of tax scrutiny and managing switchover to single national database and improving investigation techniques and oversight mechanism within the department.
read more..
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State Budget in July
6-June-2008   Source: The Hindu, Chennai

Banglore: The Government will present a full-fledged State Budget (2008-09) in the first week of July.

Addressing presspersons after a Cabinet meeting here on Thursday, Minister V.S. Acharya said as the State was under President’s rule, Union Finance Minister P. Chidambaram had sought a “vote on account” for the first six months of the financial year 2008-09, in Parliament on March 10. read more..
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BoM begins implementation of farm debt-waiver scheme
5-June-2008   Source: Hindu, Online

Mumbai (PTI): Bank of Maharashtra (BoM), on Wednesday announced that it has started implementation of the debt-waiver scheme for farmers, announced by Union Finance Minister P Chidambaram.

The bank has asked its branches to identify the borrowers for waiver or debt relief and make them eligible for fresh finance read more..
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Banks, Nabard kickstart debt waiver scheme
3-June-2008   Source: Financial Express, New Delhi

Mumbai, Chennai , Jun 2 Prodded by finance minister P Chidambaram, banks and financial institutions including State Bank of India (SBI), Indian Bank and National Bank for Agriculture and Rural Development(NABARD) have kick started the Rs 72,000 crore, Agriculture Debt Relief & Debt Waiver Scheme 2008 debt waiver scheme for farmers much before the deadline of June 30. read more..
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Process of online banking will be completed by year-end: Chidambaram
2-June-2008   Source: The Hindu, Chennai

Puducherry; All banks in the country will introduce the services, says Finance Minister. Union Finance Minister P. Chidambaram said on Sunday that the process of online banking in the country would be completed by the end of this year.
After inaugurating the Puduvai Bharathiar Grama Bank (PBGB) sponsored by the Indian Bank, he said as of now, online banking services were available in six or seven banks. By the end of this year, all the banks in the country would introduce the services, he added. read more..
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FM asks banks to free MSEs from clutches of money lenders
2-June-2008   Source: Hindustan Times, New Delhi

Making a strong case for freeing micro and small enterprises from the clutches of private money lenders, Finance Minister P Chidambaram on Saturday reminded the banks that they are duty-bound to lend to the sector.

"It is the duty of banks to help and nurse these micro and small enterprises.MSEs are entirely dependent on unscrupulous money lenders who charge huge interest rates," he said releasing the Code of Banks' Committment to MSEs. read more..
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Chidambaram to open regional rural bank today
1-June-2008   Source: Hindu, Chennai

Puducherry; Finance Minister P. Chidambaram will inaugurate the new regional rural bank named after poet Subramanya Bharathi here on Sunday. Establishment of the Puduvai Bharathiar Grama Bank, sponsored by Indian Bank, is aimed at strengthening the credit delivery system in the rural areas of the Union Territory, according to official sources. The sources also recalled that Lieutenant Governor Bhopinder Singh, in his address to the Puducherry Assembly on March 25, had said that the proposed regional rural bank was expected to contribute significantly to the overall development of rural economy with additional employment and income generating activities to farmers, artisans and small and medium entrepreneurs. read more..
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Ensure loan waiver for all eligible farmers, banks told
1-June-2008   Source: Business line, New Delhi

Mumbai, May 31 The Finance Minister, Mr P. Chidambaram, on Saturday asked public sector banks to ensure timely implementation of the farm loan waiver scheme and bring all eligible borrowers under the scheme. In his meeting with PSU bank chiefs here, Mr Chidambaram said that banks must display details about the eligible borrowers for the full waiver and one-time settlement scheme by June 30. read more..
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Over 12-lakh students have availed of educational loan: FM
1-June-2008   Source: Hindu, Chennai

Puducherry (PTI): As many as 12,51,000 students have benefited from the UPA's educational loan through banks which have disbursed Rs 12,000 crore since the scheme was launched, Union Finance Minister P Chidambaram said on Sunday. read more..
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GDP grows 9% in FY08, inflation hits 4-yr high.
31-May-2008   Source: Financial Express, New Delhi

For the third year in a row, the Indian economy has grown at 9%, surpassing expectations as well as earlier growth estimates of 8.7% in 2007-08, a year of great uncertainty', as finance minister P Chidambaram put it. But the government got little time to dwell on the growth numbers as inflation for the week ended May 17 touched a 45-month high of 8.1%, putting a big question mark on future growth. Stock markets ignored the higher inflation numbers, while reacting positively to the GDP numbers, the BSE Sensex ending almost 100 points higher. Even as high domestic interest rates are expected to retard growth this year, prices rising much above RBI's tolerance level of 5.5% may prod the central bank to further tighten money supply. read more..
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Financial Express: CST phase-out sees 1% cut in rate
31-May-2008   Source: Financial Express, New Delhi

After nearly two months' of delay, the government on Friday finally notified the 1% reduction in the rate of central sales tax (CST), bringing the tax rate down to 2% from the previous 3%. The new reduced rate of CST of 2% on inter-state sales of goods will come into effect from June 1, 2008, an official release said. The rate of CST on inter-state sale of goods to registered dealers (against Form-C) shall now be the lower of 2% and the rate of value added tax or state sales tax applicable, it added. The rate cut follows finance minister P Chidambaram's announcement in this year's Budget and will further pave the way for complete phase out of the tax and the introduction of a goods and tax regime from April 1, 2010. However, the Centre and states are yet to fully agree on the compensation package for the 1% cut, which had so far delayed the reduction process. read more..
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Chidambaram confident of sustaining growth rate
31-May-2008   Source: Hindu, New Delhi

NEW DELHI: Enthused by a GDP growth of nine per cent in 2007-08 — the fiscal being the third year in a row — in the wake of an upward revision in farm sector growth, Finance Minister P. Chidambaram on Friday expressed confidence that the economy could repeat its performance during 2008-09 also, despite the higher downward global risks.
Briefing newspersons on the revised GDP estimates released by the Central Statistical Organisation (CSO) here, Mr. Chidambaram said: "I dare say with some degree of confidence that India will show admirable resilience and 2008-09 will also return a growth rate of not less than 8.5 per cent, and if there is some luck I should be able to maintain my track record of 9 per cent growth rate in 2008-09". read more..
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Hold the price line to help weather inflation storm
31-May-2008   Source: Business line, New Delhi

New Delhi, May 30 The Finance Minister, Mr P. Chidambaram, on Friday asked captains of industry to resist the temptation to exploit short term supply-demand mismatches or short term price opportunities and appealed to them to hold the price line to help "weather the storm (inflation)" and ensure inclusive growth. read more..
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Finance Ministry favours weekly inflation data
30-May-2008   Source: Hindu, New Delhi

New Delhi, The Friday inflation data may be giving anxious moments to the Finance Ministry, still it favours a weekly release of figures instead of once a month.
"The Finance Ministry and Reserve Bank ... want it (Wholesale Price Index) on a weekly basis," "Secretary in the Ministry of Statistics and Programme Implementation (MoS and PI) Pronab Sen told reporters here" read more..
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Consensus on 3G policy
29-May-2008   Source: Business Line, New Delhi

New Delhi, May 28 The Communications and IT Minister, Mr A. Raja, said that there was a broad consensus between his Ministry and the Finance Ministry on the third generation mobile policy issues. read more..
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Chidambaram to inaugurate annual conference of CBEC
29-May-2008   Source: PIB, New Delhi

Finance Minister, Shri P. Chidambaram will inaugurate the two-day all-India annual Conference of the Chief Commissioners and Directors General of CBEC, here tomorrow.

The Conference will commence with the performance appraisal of the Department in key areas such as revenue collection, enforcement, trade facilitation, and the opportunities and challenges before the Department followed by a session on the status of automation initiatives in CBEC and the expectations from the field formations in this regard. It will also deliberate upon measures to raise compliance level in Service Tax as well as issues relating to SEZs read more..

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Chidambaram calls on Karunanidhi
27-May-2008   Source: Hindu, Chennai

He said the Chief Minister had discussed with him three main issues. One on the Central compensation for both December 2007 and March 2008 floods that had not reached the State. Secondly, on the need to take efforts by the Centre to speed up the Japanese aid for the Hogenakkal drinking water project and thirdly on Centre’s early clearance for the desalination project. Of this, Mr. Chidambaram said the processing of relief for those affected in the 2007 floods had been completed. As regards the desalination project, the Centre had given its sanction. read more..
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Containing inflation will take time
27-May-2008   Source: Hindu, Chennai

Karaikudi: Union Finance Minister P. Chidambaram said here on Sunday that the government had been taking all possible monetary and fiscal measures to arrest inflation. But it would take time to produce results. read more..
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Inflation will not have much adverse impact on UPA: FM
25-May-2008   Source: Hindu, New Delhi

New Delhi, Putting a brave face on inflation numbers, Finance Minister P Chidambaram has said rising prices will not have much of an adverse impact on the UPA Government.
"We are doing everything to control the situation, but I don't think it (price rise) will have too adverse an impact on our government," he said in an interview with Tehelka magazine. read more..
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FM hints at steps, Rangarajan says it’ll pass in 3-4 months
24-May-2008   Source: Financial Express, New Delhi

New Delhi, As inflation remained little changed at 7.82% as on May 10 on Friday, way above the acceptable limit of 5-5.5%, finance minister P Chidambaram indicated that the government would take more steps to contain price rise. read more..
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Farmers' Debt Waiver Scheme
23-May-2008   Source: PIB, New Delhi

"The Cabinet met today to consider one item – The debt waiver and debt relief scheme which was announced in the Budget on 29th February, 2008.

Guidelines for the debt waiver and debt relief scheme have been prepared for the placement before Cabinet. The Cabinet has approved the guidelines. As you are aware, this is the most ambitious debt waiver and debt relief scheme ever undertaken by any Government in India. Our initial estimates placed the number of beneficiaries as 3 crore small and marginal farmers and 1 crore 'other farmers'. As it terms out, the number of small and marginal farmers is more than 3 crore is estimated that the number is likely to be Rs. 3,69,00,000 and the number of other farmers is estimated about Rs. 59,75,000. These are of course unaudited figures. They are verified but they are yet unaudited figures. Initially, in the budget, it was estimated that the cost of the scheme will be about Rs. 60,000 crore to the Central Government. As it turns out, the cost of the scheme is likely to be in the order of about Rs. 71,680 crore, again unaudited. After audit, there may be some reduction." read more..

Agriculture Debt Waiver And Debt Relief Scheme, 2008   (62.1Kb)

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Centre announces Rs 330 cr package for post-Godhra riot-hit
23-May-2008   Source: Hindustan Times, New Delhi

"In a significant decision, the Centre on Thursday announced an over Rs 330 crore relief package for the victims of the 2002 post-Godhra riots in Gujarat.
The next of kin of 1,169 people killed in the riots would be paid Rs 3.5 lakh ex-gratia in addition to the amount paid by the state government, Finance Minister P Chidambaram said after the cabinet meeting in the capital." read more..
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FM preaches patience as inflation climbs
17-May-2008   Source: Economic Times, New Delhi

NEW DELHI: Finance Minister P Chidambaram said on Friday high inflation, which scaled a fresh three-and-a-half year peak of 7.83%, was indeed worrying, but the government would wait to see the impact of price cuts in cement and steel sectors in the cost of living index before taking further administrative steps. read more..

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Chidambaram rules out cut in crude oil import duty
16-May-2008   Source: Business line, New Delhi

"Finance Minister, Mr P. Chidambaram, has ruled out cut in import duty on crude oil. Even as the global crude prices were hovering above $120 a barrel, the public sector oil marketing companies (OMCs) continue to sell petroleum products below the cost price, resulting in heavy under recoveries.
On being asked whether the Government was considering reduction in duties, Mr Chidambaram told newspersons here on Thursday that, “No, because mere reduction in import duty on crude oil has no impact on administered prices”. " read more..
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No proposal to Finance Ministry on export duty roll back
16-May-2008   Source: Economic times, New Delhi

"NEW DELHI: Amid indications of a roll back of export duty on steel, Finance Minister P Chidambaram on Thursday said his ministry has not received any proposal from the Steel Ministry on the issue. "I have not received any proposal from the Ministry of Steel," Finance Minister told reporters here, when asked whether government was considering roll back of export duty on steel. " read more..
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Talks on with cement producers to cut prices: Chidambaram
13-May-2008   Source: The Hindu Businessline, Manglore

Mangalore, May 12 The Union Finance Minister, Mr P. Chidambaram, has said that the Government is still talking to cement manufacturers on reducing prices. “But I have made it very plain, that, if they (cement manufactures) do not voluntarily cut the prices, we are prepared to take administrative measures,” he said. read more..
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Govt okays Rs 8000-crore FDI in Essar Power
10-May-2008   Source: Economic Times, New Delhi

"NEW DELHI: The government has approved Essar Power’s proposal to infuse up to Rs 8,000 crore as foreign equity in the company for undertaking various downstream projects, including power and coal mining.

""The approval will allow Essar Power to invest in permitted downstream activities, including investment in power sector and coal mining for captive consumption for power projects,"" Finance Minister P Chidambaram briefed reporters after a meeting of the Cabinet Committee on Economic Affairs (CCEA). read more..
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Pvt cos not the only core support, FM tells ADB
7-May-2008   Source: Economic Times, New Delhi

Finance minister P Chidambaram has asked the Asian Development Bank (ADB) not to solely rely on the private sector for funding infrastructure projects and to continue to engage with the public sector. Under the Long Term Strategic Framework (LTSF) of ADB, the private sector would have to play a more important role in development of Asia and Pacific region. read more..
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Traders look for exit as govt mulls ban on sugar & oil futures
6-May-2008   Source: Economic Times, New Delhi

There is palpable nervousness in the futures market as vegetable oils and sugar traders rush to the nearest exit before the government bolts the door. Money flowing into these major cash commodities has ebbed to a trickle, as hedgers and punters unwind their positions to avoid getting locked in to losses. read more..
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FM backs DoT, wants global auction for 3G
6-May-2008   Source: Economic Times, New Delhi

The finance ministry wants international competitive bidding for allocating spectrum for third generation (3G) mobile services. Finance minister P Chidambaram has spoken his mind in a letter to telecom minister A Raja. This is in sharp contrast to the recommendation of the Telecom Regulatory Authority of India (TRAI) that bidding for 3G spectrum be limited to companies that already hold telecom licences. read more..
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Inflation at 7.57%, FM talks of more steps
2-May-2008   Source: Financial Express, New Delhi

Inflation soared to a 42-month high of 7.57 per cent for the week ended April 19 on account of higher prices of vegetables, food articles, steel and some fuel items read more..

Similar News:
Inflation will be tamed: Chidambaram
2-May-2008   Source : Financial Express, New Delhi
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Interest rates not to rise immediately: FM
1-May-2008   Source: Financial Express, New Delhi

Finance Minister P Chidambaram on Thursday said he does not expect interest rates to go up in reasonable future following the RBI's move to hike mandatory deposits of banks by 0.25 per cent. read more..

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Interest rates won't rise: FM
2-May-2008   Source : Times of India, New Delhi
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Banking transaction tax to go: FM
30-Apr-08 : Source : Financial Express, New Delhi

With the government devising alternative ways to trail black money, the Banking Transaction Tax will be withdrawn by the end of this year, Finance Minister P Chidambaram said on Wednesday. read more..
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FM left off-budget overhang of Rs 300,000 cr: BJP
30-Apr-08 : Source : Financial Express, New Delhi

Charging the Finance Minister with leaving an off-budget fiscal overhang of Rs 300,000 crore which could wreck the country's Economy, BJP on Wednesday demanded resignation of P Chidambaram to escape "dismissal". read more..
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Taxpayers given time to comply with TDS
30-Apr-08 : Source : Financial Express, New Delhi

Government has relaxed the provisions concerning Tax Deduction at Source (TDS) allowing Companies and taxpayers more time to comply with the norms, even while expressing its intention to collect nearly 100 per cent taxes through TDS and advance taxes. read more..
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Tax holiday extended for software firms
29-Apr-08 : Source : Hindustan Times, New Delhi / Mumbai

"Finance Minister P Chidambaram threw an extra year of corporate tax exemption to software exporters on Tuesday, cheering up companies cribbing about the impending sunset in the scheme for firms registered with the Software Technology Parks of India (STPI).
The scheme aided by which the country’s $ 41 billion IT export grew to global heights, was set to expire in March 2009. STPI was introduced in 1999 to give a fillip to the then nascent Indian IT industry. Companies located in STPI are not taxed on revenues earned from exporting software (which includes writing codes or computers of US & UK companies" read more..
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Inflationary expectation driving up prices: Chidambaram
21-Apr-08 : Source : The Hindu, KANNUR

"KANNUR: Union Finance Minister P. Chidambaram has said that an inflationary expectation is driving up the prices.

Addressing a seminar on development, Kannur Vision 2020, organised by the District Congress Committee (DCC) here on Sunday, he said such an expectation was worse than inflation.

The Minister said the government had taken fiscal measures to ensure that people were not affected by the price rise. “The price rise is not forever; we will moderate this price rise,” he promised. read more..
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