Finance Minister P Chidambaram today said some more steps will be taken in next few weeks to turn
around the economy. Addressing a function in New Delhi, Mr Chidambaram said retail inflation still remains sticky and there is no room for complacency.

He said, the government has been making every effort to turn the economy around and create a more investor friendly climate.

The Finance Minister said, the performance of India's external sector has not been encouraging. He said, the country's trade deficit was 10.3 per cent and the current account deficit 4.2 per cent of GDP in 2011-12.

He said the government is addressing some tax issues that have created uncertainty in the minds of the investors. He, however, made it clear the objective is to have clarity in tax laws, a stable tax regime, a non-adversarial tax administration, a fair mechanism for dispute resolution and an independent judiciary.

Mr Chidambaram said, external sector vulnerabilities are affecting the country's economy because of the rapid globalisation of the economy. The Finance minister said, the government has raised the prices of certain petroleum products in order to contain the subsidy bill and to discourage over consumption.