“After providing for the Food Security Bill, we will remain within the limit I have set for myself in the Budget,” Finance Minister P Chidambaram told reporters at a press conference in the capital. The scheme will add 25% to the existing 900-billion-rupee or 90,000 crore food subsidy bill. The government has budgeted an additional 230 billion rupees annually for the programme on top of the existing 900-billion-rupee food subsidy bill. Mr Chidambaram, who has been seeking to reassure investors about India’s finances, reiterated that a budget deficit of 4.8 percent of gross domestic product remained a “red line” that would not be crossed this year.
Wells Fargo Capital Finance Announces Two Promotions
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LONDON (CNNMoney) India’s finance minister is trying hard to restore calm to the country’s financial markets. India has had a rough few weeks, with the rupee falling to a historic low and equity markets tumbling by 11% as investors pull their money out of the country. In a press conference Friday, Finance Minister P. Chidambaram tried to restore confidence even as he acknowledged that the country was facing a challenging time. “We believe that the rupee is undervalued and has overshot what is generally believed to be a reasonable and appropriate level,” he said, according to a written statement.
India’s finance minister tries to stem panic
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