Finance Minister P Chidambaram Friday said that government needs to take long-term measures for economic growth and stability as there are no quick-fix solutions to solve economic problems.
Chidambaram says the measures taken by the government since August have been successful in bringing down inflation and the fiscal deficit. He added that more reform measures will come up by the end of June-July to boost investment and growth.
“Temporary problems that we face cannot be solved by the quick-fixes. They will only be solved by continuing to take long-term measures,” he said.
With regards to Thursday’s meeting with Prime Minister Manmohan Singh, Chidambaram said Prime Minister endorsed all the measures. “A couple of decisions will be taken in remaining days of June and July and that will bring benefits to the economy,” he adds.
The Finance Minister on Thursday said that government will announce a host of measures to deal with issues like coal and gas pricing and raising of FDI cap in several sectors, including defence.
Since September 2012, the government took several reform initiatives including liberalising FDI norms in various sectors, capping the number of subsidised LPG cylinders and partial decontrol of diesel prices.
