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“We will continue to take small significant steps. We will also take forward some big ideas. India’s economy will continue to reform,” Mr Chidambaram said while addressing a conference organised by UK-based magazine The Economist.
The finance minister said the recent initiatives taken by the Cabinet Committee on Investment (CCI) would spur investment activity which is essential for promoting growth and job creation.
“In the previous three meetings, the CCI had cleared projects in sectors like oil and gas, road and power (envisaging) investments worth USD 14 billion…As we remove investment bottlenecks, you will find growth picking up.
“Growth in 2013-14 will be between 6.1-6.7 per cent,” the minister said.
There are important legislatures to be discussed at the Indian Parliament which is currently in session.
“We want the Land Bill passed; Insurance Bill passed with FDI at 49 per cent.
“We want the regulator for coal sector, road sector in place; we want rail tariff authority in place to fix tariff in railway sector,” the minister said.
Two separate committees — under Reserve Bank of India and the finance ministry — are looking into various aspects of the foreign investment, including removal or raising of the FDI caps.