Finance Minister says, the country is heading for a bumper crop this year and the economy is doing well in all sectors. Hinting at the recovery of the economy, Chidambaram told a press conference in New Delhi today that green shoots are visible even
in investment.

He said the current account deficit – CAD – will come down to 60 billion dollars against 88 billion last year. Fiscal deficit target of 4.8 per cent of the GDP will be met and so also the
40,000 crore rupee disinvestment target. Reflecting a pick up in the industrial activity, he said the core sector industries recorded 8 per cent growth in September, highest in the past 11 months.

Core sector growth, strong monsoon and healthy exports augur well for economic growth. He said the momentum in export growth will continue in the remaining part of current fiscal. The Minister expressed the government's resolve to extend full support to new investment proposals and said that corporates need not sit on cash.

He asked them to start investing.There are still many challenges like inflation and reviving investment. But, he expressed confidence that measures taken by the RBI and government at maintaining fiscal discipline will help in moderating inflation.

Chidambaram was hopeful that
gold import will remain at 20 tonne a month in the remaining period of the fiscal. He said market seems to be happy.

The Finance Minister said the government is hopeful of passing the long-pending insurance amendment bill passed in the forthcoming Winter Session of Parliament. The bill seeks to raise the FDI limit in the sector to 49 per cent from 26 per cent. On Direct Taxes Code, he said, the draft amendments have been finalised and will be placed before the Cabinet for approval soon.