Finance Minister brainstorms on Indian economy

August 19, 2013 17:05
Finance Minister brainstorms on Indian economy

Indian Finance Minister P Chidambaram has taken up an assessment of the current economic situation in the country in a meeting with heads of various departments. The purpose of the 3 hour long meeting was to brainstorm on ways to make headway in a faltering environment.

Secretaries of Expenditure, Revenue, Disinvestment and Financial services departments were called upon to discuss strategies and solutions. The Indian economy has been in trouble for a while, compounded by a weaker Rupee and Sensex decline.

In recent days, the nation saw several big troubles ranging from suffering domestic companies to an onion scarcity. Following a meeting at the Prime Minister's Office last week, it was decided to curb foreign investment in domestic pharmaceutical companies as Indian firms are facing a crunch on the global platform.

The RBI has also passed restrictions on Forex outflow and overseas direct investment (ODI) to save the Rupee from falling further. The Rupee is currently at a record low of 62.82 against the Dollar.

Having updated himself on the present state of affairs, the Finance Minister sought suggestions from the officials. Plans for the next three months were made. Chidambaram would further meet with the Department of Economic Affairs on Tuesday, reported The Hindu.

(AW: Sruthi)

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