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| Friday, 4 June 2004 |
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New Indian finance minister soothes edgy stock market players BOMBAY, Thursday (AFP) Indian Finance Minister Palaniappan Chidambaram met key stock market players here Wednesday and assured them the new left-leaning government was committed to achieving a high economic growth rate. "The overarching objective is to placing India on the growth path of seven to eight percent. All this must be done subject to fiscal prudence and discipline," he told reporters after a series of meetings. "I hope that these meetings which I had would help reduce any concern which the market players had," Chidambaram added. Jittery stock market investors had sold massively on the day the new government was elected last month on fears its communist coalition allies could derail economic reforms. Since then, the sentiment on the bourses has recovered, but the undertone has remained subdued as the government's policy announcement of not privatising money-spinning state firms has stirred the doubts of investors. Chidambaram is due to meet industrialists, the central bank governor and financial institution heads Thursday for their suggestions on improving the market sentiment and policy inputs for the forthcoming budget. The new government has pledged to accelerate economic reforms, but has said its focus will be on helping farmers and the poor rather than the urban middle class. |
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