August 5, 2012 6:53 PM

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Finmin works full throttle to tackle current economic situation

Finance Ministry has worked full throttle this weekend apparently reflecting the new Minister Mr P Chidambaram's plans to quickly firm up measures to tackle the current economic situation. It was business as usual in the Finance Ministry on yesterday and the officers above joint secretary rank attended the office today also. Mr Chidambaram took charge of the Finance Ministry on 1st of this month after a gap of about four years. He was the Finance Minister during 2004 to 2008. The re-entry of Mr Chidambaram comes at a time when Indian economy is threatened by deficient monsoon putting pressure on already high food inflation. Besides, the other issues which the Ministry has to tackle on urgent basis includes slowing industrial output, subdued exports, rising fiscal deficit and declining investor confidence. The Reserve Bank has recently lowered the growth projection for 2012-13 from 7.3 per cent to 6.5 per cent in wake of deficient monsoon and global economic problems.

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