Finance Minister P Chidambaram has said that the revival of foreign and domestic investments is must for high economic growth. Addressing a press conference in New Delhi today, Chidambaram hoped that Foreign Direct Investment, FDI, will increase to 27 billion dollars in 2014-15. It was 26.90 billion dollars upto February 2014 as against 26.95 billion dollars in 2012-13.Mr. Chidambaram attributed the growing trend of inflation to the hike in the prices of food items and the open market sale of foodgrains. He expressed hope that the Reserve Bank of India will keep price stability and growth in mind while deciding policy rates at the next review.The Finance Minister said, the capital requirement of banks in 2014-15 is estimated at 45 thousand and five hundred crore rupees, as against 14,000 crore rupees in the previous financial year. He said the capital expenditure plan of 23 public sector undertakings, including Oil and Natural Gas Corp, Oil India Ltd, Indian Oil Corp and NTPC, will go up to 1.33 lakh crore rupees from 1.25 lakh crore rupees in 2013-14.
News On AIR | May 8, 2014 4:49 PM
FM: Revival of foreign & domestic investments is must for high economic growth