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FM emphasizes massive investment in Agriculture and Manufacturing sectors – Focus on Employment
New Delhi: May 24, 2004

Following is the text of the statement made by Shri P. Chidambaram, Union Finance Minister while addressing the media immediately after assuming charge.

"The whole nation is in an expectant mood after the appointment of Dr. Manmohan Singh as the Prime Minister. I know that you expect me to make a brief statement. I shall do so.

The policies adopted since 1991 have brought considerable benefits and strengths to the Indian economy. What the new Government will now do, and what I will now do, is to factor in the experience gained during the last thirteen years.

I have reason to believe that the economy is in a resilient mode – in terms of growth, inflation and balance of payments. And I am confident that there is great scope for consolidating the growth momentum with special emphasis on agriculture, the manufacturing sector and employment. These three sectors require, and other sectors also require, massive investment – both public investment and private investment. It will be my endeavour to promote investment which, I believe, is the key to growth, to jobs and to incomes.

I am conscious that there are some areas of concern and these areas will receive special and careful attention.

Our commitment to fiscal consolidation as reflected in the Fiscal Responsibility and Budget Management Act, 2003 will be honoured.

As I stepped out on to the balcony of my first floor house today, I thought that a beautiful day had dawned. I hope that every day will be a beautiful dawn and together we will work hard to redeem the promises made to the people during the election campaign. These promises will be reflected in an important document called the Common Minimum Programme (CMP). When the CMP is revealed to the people, I am confident it will enthuse all sections of the people to work harder in order to make India a stronger country, to make the Indian economy a stronger economy, and to ensure better lives for all the people of our country."

Press Release: PIB
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