Financial Daily from THE HINDU group of publications
Wednesday, Feb 01, 2006
Financial Daily from THE HINDU group of publications Wednesday, Feb 01, 2006 |
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Stock Markets Industry & Economy - Economy Markets - Regulatory Bodies & Rulings Govt, SEBI closely watching capital market: Chidambaram Our Bureau
New Delhi , Jan. 31 THE Finance Minister, Mr P. Chidambaram, has said that the Government and the Securities and Exchange Board of India (SEBI) were keeping a close watch on the capital market even as the stock market indices have been on a relentless rise with the BSE Sensex close to touching the 10,000-point mark. He said the capital market was riding high on renewed business confidence. "SEBI and the capital markets division (of the Finance Ministry) are keeping a close watch on the capital market on a daily basis," Mr Chidambaram said at a press briefing to express his views on the revised GDP growth figures for 2004-05 released by the Central Statistical Organisation (CSO). According to the revised figures, the CSO has upped the country's GDP growth for the fiscal from the earlier 6.9 per cent to 7.5 per cent. Mr Chidambaram said he was "confident and hopeful" that the current fiscal would end with a GDP growth of close to 7.5 per cent. "Officially our projection is not less than 7 per cent. But I am confident and hopeful that we will be close to 7.5 per cent," he said. On international oil prices, the Finance Minister said that despite high global prices of crude, the Government was committed to controlling inflation and was aiming to keep inflation below the target range of 5-5.5 per cent. He said that due to the Government's obligation on price control, a full pass-through of rising crude prices has not been allowed. "Rising oil prices are a problem. Things don't seem to get any better. However, we hope to remain on target (on inflation). In my view, the 5-5.5 per cent target must be brought down. However, this is critically dependent on oil prices," Mr Chidambaram said. The Finance Minister also ruled out any "asset bubble" being built up in any segment of the economy. "I have spoken the RBI Governor. We are sure that there is no asset bubble that has built up anywhere," he said. On CSO's GDP figures, Mr Chidambaram said one of the "most heartening features" was that gross domestic savings rate during 2004-05 was higher at 29.1 per cent of GDP against 28.9 per cent in the previous year. "Intuitively I feel the savings rate during 2005-06 might have gone up even further though I have no figures," he said.
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