08-22-2013, 07:31 PM
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P.Chidambaram, the finance minister of India has said that economic growth is expected to pick up in the second to fourth quarter. He however added that it may remain flat in the first quarter.
"The panic that has gripped the currency market is unwarranted," Chidambaram told a press conference.
"It is almost universally accepted that the devaluation has overshot the reasonable and appropriate level," he said, describing the volatility in the currency market as "unacceptable".
"We are in better health than many other countries in the world," he said in New Delhi. "Therefore there is no reason for excessive or unwarranted pessimism," said Chidambaram.
"The panic that has gripped the currency market is unwarranted," Chidambaram told a press conference.
"It is almost universally accepted that the devaluation has overshot the reasonable and appropriate level," he said, describing the volatility in the currency market as "unacceptable".
"We are in better health than many other countries in the world," he said in New Delhi. "Therefore there is no reason for excessive or unwarranted pessimism," said Chidambaram.
Indian Rupee slumped to 65.56 to the dollar on Thursday as uncertainty about the future of the US stimulus programme added to growing fears about the state of the economy.