Mr Chidambaram said he had met Prime Minister Manmohan Singh twice in the last few days in connection with the global financial crisis and its impact on India. The last meeting he had with him was in yesterday evening.
In reply to questions, Mr Chidambaram repeatedly said the measures to boost liquidity and strengthen investor sentiment would be announced soon.
On questions relating to the Rupee, he said the government did not have a view on the Rupee, but it would find its own level.
Mr Chidambaram said the high powered group, headed by Finance Secretary Arun Ramanathan, to look into the credit needs of various sectors will have its first formal meeting this afternoon. Over the weekend, members of the Group had confered with each other. The Group will address itself to the demand side of the problem.
Asked to comment on the reports that there was a run on the deposits of some private banks, Mr Chidambaram described these reports as "baseless." In this connection, he advised journalists and commentators to file reports only after doing a good amount of research and not on the basis of rumours.
Mr Chidambaram said that in a democracy views were welcome and respected, but they must be well researched and carry credibility.
The Finance Minister said the Indian economy continued to grow at a satisfactory rate. As recently as last week, the IMF's Research Department noted that the economy would continue to do well despite the impact of the global liquidity crunch. He noted that as per the projections made by the IMF, India was expected to post GDP growth of 7.9 per cent during the current fiscal year.
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