The government today said, there is no need for panic on the rupee depreciation and hoped that the rupee will regain the losses suffered during the last few days. Talking to reporters in New Delhi, Finance Minister P Chidambaram said, there is no reason for panic over rupee decline as it will stabilize soon. The Finance Minister also assured that more steps will be taken to boost the country's economy in the next few weeks. He said, the government will take important decisions on coal and gas pricing and FDI limits, this month, to attract more investments into these sectors. In this context, he made a fervent appeal to the people to resist the temptation to buy gold.
The Finance Minister said, steps taken by the government since August last year, had their impact on fiscal consolidation and inflation. Mr Chidambaram said that he is looking forward to have more reforms to achieve desired results. He expressed the hope that the government will achieve the 4.8 per cent fiscal deficit target. The Finance Minister also asked his Cabinet colleagues to spend budgetary allocations made for their respective Ministries.