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Chidambaram scores a point

Chidambaram scores a point
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Faced with sharp criticism from the Opposition that he created fiscal indiscipline with his ambitious farm loan-waiver, which he is now seeking to...

Faced with sharp criticism from the Opposition that he created fiscal indiscipline with his ambitious farm loan-waiver, which he is now seeking to undo by enforcing fiscal discipline, Finance Minister P Chidambaram played a clever move. Responding to the demand of Gurudas Dasgupta (CPI) that the Finance Minister should explain the financial condition, Chidambaram seized the opportunity during Question Hour in the Lok Sabha to reply to his critics. Fiscal deficit was actually caused by three stimulus packages announced in the wake of Euro Zone crisis. The stimulus helped push up growth rate in the country when the world over the economy was declining, it also led to pushing up fiscal deficit and inflation. Now, Chidambaram went on, package of measures are being worked out to bring down fiscal deficit and inflation and to restart growth. "If you want an answer, you must listen to me. I know that there is a demand for greater support price to farmers. Under the NDA Government, MSP increased by Rs 10 per year. In UPA Government, MSP has been doubled from what it was when we took over," he told an embarrassed Opposition.
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