Chidambaram Seeks Opposition Support To Spur Growth

"Paralysis of decision-making is the problem," Sinha said, adding the government had lost control over the economy.

Opposition leaders cited rising prices, slowdown in growth and depreciation of rupee among the serious problems facing the economy and said the government's policies had created uncertainty and despondency in the country.

In his response, Chidambaram blamed the US Federal Reserve for the recent slump in the value of rupee and volatility in the stock markets.

"On 22nd May 2013 an unexpected development caused tremors in every emerging economy when the US Fed announced they were considering rolling back quantitative easing," he said.

On current account deficit, Chidambaram said the government was determined to contain it at $70 billion.

According to the finance minister, the fiscal deficit will be contained at 4.8 percent of the country's gross domestic product.

"Will do everything in my power to contain fiscal deficit at 4.8 percent," he said.

Referring to the government's recent decision to impose duty on television sets brought from abroad as personal luggage by travellers, he said it would give a boost to domestic manufacturing.

“We have capacity to manufacture TVs in this country but millions of TVs find their way into the country as personal baggage. I have no issues with TVs coming as personal baggage but then you must pay duty on it. What is wrong with it? If millions of TVs don't come here, millions will be made in the country,” he said.

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