The Finance Minister today expressed confidence that Current Account Deficit, CAD, will be contained at or below 70 billion Dollar this year. Replying to a discussion on the economic situation in the country in the Lok Sabha, P Chidambaram said, fiscal deficit will also be contained at 4.8 per cent in the current fiscal. Mr Chidambaram said, the Government is doing everything to boost investment. The Finance Minister pitched for more reforms, less restrictions to revive the economy.

He said, more capital will be infused into public sector banks to extend agricultural loans to the maximum extent. Mr Chidambaram said, no stone will be unturned to reep benefits of good monsoon and assured that gas allocated to fertilizer sector will be maintained.

He underlined the need to encourage manufacturing in sectors like Power, Steel, Automobiles and Textiles. The Finance Minister emphasised that strenghtening exports is the durable and correct way to bridge the widening CAD. He also advocated for finding a way to resolve the impasse on coal, mining and land acquisition.

Earlier, initiating the discussion, Gurudas Dasgupta of the CPI said, the country is passing through economic crisis. He warned that the economic crisis of 1991 is not very far away if the government fails to take corrective measures to revive the economic growth.

Blaming the government for the current crisis, he said, over-dependence on foreign investment, unguarded liberalisation and over-dependence on external commercial borrowings are responsible for the current situation.