The Finance Minister, P Chidambaram, has said that the Government’s idea of setting up the Cabinet Committee on Investment has now been vindicated. He said the investment has increased in the last one year and 15 states have so far approached the Cabinet Secretariat requesting help to set up similar panels at state level.
“It's a very good thing,” Chidambaram told reporters at a briefing in the Congress headquarters here on Saturday. Chidambaram said fresh loans to the extent of ₹1,02,092 crore for various projects has already been released. “70 per cent of the sanctioned loans has been disbursed,” he said.
Chidambaram claimed that the Government’s efforts to contain fiscal deficit and current account deficit have started paying off. He said the current account deficit is expected to come down to $ 32 billion or 1.7 per cent of GDP in 2013-14, while the fiscal deficit target of 4.6 per cent as per revised estimate has been achieved. “We've attacked the problem of fiscal deficit and CAD. Now they have been contained,” he added.
Chidambaram said the Swiss Government has replied to the Finance Ministry on sharing the information on black money. He did not revealed the content of the reply, but said are discussing ways to share information on specific accounts relating to black money stashed in the European nation. “India has received a reply from the Swiss Government on information sharing on black money a week ago, and the Government is looking at the reply,” Chidambaram said.
When asked for the details of the Swiss Government’s stand, he said, “This is a matter where Swiss Minister and I are discussing with each other how information into specific account can be provided by the Swiss Government to Indian Government”.
He added that it was a long reply and the Swiss Minister has defended his country’s position on the issue. “The Minister has made conciliatory statement in one of the matters. The reply is being studied very carefully and we will send further letter in the next few days,” he added.
When asked about the Congress’s allegation that the BJP is using black money to fund elections, Chidambaram said there is no evidence to validate the allegation. He, however, added that observational evidences are there to prove that BJP is spending a lot of money in the campaign. He said the party might have spent ₹ 20 crore for organising a rally at Chennai. “One should ask the BJP from where they are getting this money from,” he added.
Modi CM of an average State
Chidambaram said Gujarat model is not worth replicating in other States. He said is an average state. “It is not the best performing nor worst performing state. It is not fair to say that Gujarat model is worth applying across the country," he said and urged Modi to place a moderate picture of his State among the public. “I reject the exaggeration and boastful claim about the Gujarat model,” Chidambaram said.
Chidambaram said stock markets are upbeat not because of Modi bu the confidence among investors because of the stability provided by the Centre.
When asked why the Enforcement Directorate became active on the 2G case, he said the case is being monitored by the courts and the action was consequential to the CBI’s probe.