Government to complete full term; reforms on roll: P Chidambaram

New Delhi,  6 Apr, 2013: Dismissing talk of early elections, Finance Minister P Chidambaram today sent clear signals of pressing ahead with reforms agenda hoping to get Opposition's support for passage of Insurance Bill and will go for a review of FDI ceiling in various sectors.

Addressing a press conference, he expressed satisfaction over tax collections in the just ended fiscal year 2012-13 and said the worrying Current Account Deficit (CAD) will be "more tolerable and acceptable".

Giving details about plans to expand the ambitious Direct Benefit Transfer (DBT) scheme, he said cash subsidy will be transfered to LPG customers and the programme extended to cover 78 districts in May -- up from 20 launched in January.

Making it clear that the government was here to stay its full term, Chidambaram said, "there will be no early elections. Elections will take place on time in May, 2014."

"Why should the government expect an early election? All that I said in the last 50 minutes, does that point towards early elections? It points to completing our agenda for 2013-14 and then going for elections in the month of May," he said.

The Finance Minister also exuded confidence that the revenue target for 2013-14 financial year would be achieved as the GDP growth is likely to be over 6 per cent.

On the Bill to raise the FDI cap in insurance sector to 49 per cent from current 26 per cent, he hoped the bill will be passed soon saying the optimism stems from the fact that there is difference of opinion only with regard to one clause over which he is in touch with the main opposition party BJP for sorting it out.

Once the BJP agrees, then the government will talk to other parties, he said.

Courtesy: Economic Times