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RBI measures should not be read as prelude to rate change: FM

16 July New Delhi: In order to curb rupee fall and stabilise economy, Finance Minister P Chidambaram on Tuesday outlined the slew of measures the government has taken to get the economy running again.

RBI has recently taken steps to quell excessive speculation, reduce volatility in foreign exchange market and stabilise rupee, FM said.

Chidambaram stated that in the last few months a number of measures have been introduced.
Investment in public sector enterprise has been hiked substantially to Rs 1,50,000 crore.

The FM said that a Rail tariff authority will be set up soon along with another round of telecom
spectrum auction which will be held shortly.

Chidambaram also said that all LPG consumers will get subsidy in banks accounts through DBT by end of year.

“This fiscal India will be growing at 6 percent, or slightly higher,” Chidambaram said in a statement.

“From exports to production of coal and gas, and investment in infrastructure, the Cabinet Committee for Investment has cleared 1,64,000 crore in funds,” he said.

On the measures taken by central bank on the volatility in Rupee, Chidambaram stated that,“RBI measures should not be read as prelude to rate change”.

Rupee will find its level depending upon foreign exchange we earn and spend, Chidambaram said.

“I don’t expect banks to increase interest rates as a result of RBI measures announced yesterday,” he said.

“We hope to get bills on real estate, land acquisition and street vendors to be passed in Monsoon Session of Parliament, which is due to begin in the first week of August”, FM further added.

“Food Security Ordinance will be the first item to be taken up in Monsoon session beginning August 5,” he said.

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