The Hindu : Front Page : ‘None can steer economy better than Manmohan’

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Tuesday, Dec 02, 2008
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‘None can steer economy better than Manmohan’

Special Correspondent

NEW DELHI: Although there is “unfinished work” in the Finance Ministry, the country’s economic growth will be “satisfactory” at 7-8 per cent this fiscal despite the ongoing slowdown, P. Chidambaram said at his last press conference as Finance Minister, before assuming charge as Home Minister on Monday.

Inflation would moderate further, he said here.

Mr. Chidambaram asserted that no one could steer the economy better than Prime Minister Manmohan Singh, given his exceptional background, especially in such a difficult year of global financial crisis. “There is unfinished work in this Ministry [Finance]. The whole country is extremely reassured. Speaking personally, I am more than reassured by the fact that the Prime Minister has decided to keep the portfolio with himself. At least for the time being, I am told.”

This difficult year the country was in need of close coordination among the Finance Ministry, the Planning Commission and the Reserve Bank of India, Mr. Chidambaram said. “We have in Dr. Manmohan Singh, a former RBI Governor, a former Planning Commission Deputy Chairman and a former Finance Minister ... I have no doubt in my mind that with this exceptional background, Singh will be the guide to the economy far better than anyone [else].”

He reiterated that although the economy was affected by the global financial meltdown, it would only amount to a “slowdown and not a recession.”

Call of duty

Speaking on his new portfolio, he said: “When the Prime Minister conveyed his decision to me, I would be less than honest if I do not say that I was disinclined. But in a situation like the one we find ourselves in… the final call was taken by the party leader, the Congress President [Sonia Gandhi], and the Prime Minister. I have therefore answered the call of duty… It is in that spirit that I leave behind this [Finance] Ministry and move to the Home Ministry.”

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