India’s economy is likely to grow at 6% or slightly more for the current fiscal year to March 2014, Finance Minister P Chidambaram said.
He said that RBI’s steps to curb rupee liquidity are aimed at quelling excessive speculation and volatility in the forex market and should not be read as a prelude to policy rate changes.
“These measures (RBI decisions) should not be read as prelude to any policy rate changes. This has nothing to do with upcoming policy review of RBI…I don’t expect banks to increase interest rates as a result of yesterday’s measures,” Chidambaram said.
Ruling out the possibility of ban on import of gold, the Minister appealed to the people to reduce consumption of the precious metal, which was costing the nation $50 billion in foreign exchange. Read More