Economic reforms are not like an ODI match: Chidambaram

The government plans to announce a review of the foreign direct investment limits as also coal pricing and allocation to power plants and gas pricing by the end of June, Finance Minister P. Chidambaram told reporters at a press conference on Thursday.

The various measures taken by the government since last September have yielded significant results and the government is looking forward to more reforms in the coming days, he said, adding that the government is encouraging every ministry to accelerate spending early.

Here are the highlights of his speech:

• Lot of people continue to keep faith in the India growth story
• After 9 months there is acknowledgement that the steps we have taken are yielding results
• The following issues will be resolved before end of June: coal pricing and coal allocation to power plants; gas pricing; FDI limits; on a number of steps that Sebi is contemplating based on the Chandrasekar Committee report submitted yesterday; focus will also be on skill development
• It's not an ODI match where you expect a wicket to fall every ball or a six to be hit
• I agree with Fitch that more reforms are necessary
• The government is addressing structural issues
• Inflation is moderating, which is a good sign
• We will leave no stone unturned to achieve our revenue targets
• We will not compress expenditure this year. Whatever has been provided in the Budget will be spent. Both non-plan and plan expenditure are according to target
• Will urge ministries and departments to spend the money allocated the money to them
• Will achieve fiscal deficit target of 4.8 per cent
• What's happening in India is not unique to India. Countries with large CAD have seen their currency being hit, such as Brazil, Mexico and Chile
• There's no reason to panic on the rupee's front
• The rupee will find its level. No reason to believe that the rupee will continue to depreciate
• Authorities will take measures to ensure there is no volatility
• Can there be any doubt that the economy today than what it was in the same time last year?
• Yields on Indian bonds have fallen. Yields on US bonds have gone up. Therefore, investors are taking a call
• We certainly want our yields to fall
• Indian markets offer among the best yields in the world
• Suppose we stop gold imports, then the whole situation will change
• People who want to buy gold need to know every ounce of gold is imported
• No gold is manufactured in India
• You pay in rupees, the government pays in dollars
• Investment is the key to growth
• People will invest if they get a good price, which is why coal and gas price issue are of paramount important
• Don't want to hike gold import duty further, don't want to become unpopular
• To think that gold is the safest investment is wrong

With inputs from Reuters