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India's new finance minister vows to 'restart growth'

Published on Aug 6, 2012 7:04 PM
In this photograph taken on June 13, 2012, Indian Union Home Minister, P Chidambaram speaks during an interaction with Gujarat media representatives at the Ahmedabad Management Association (AMA) in Ahmedabad. Indian Home Minister P. Chidambaram was switched to the finance portfolio on July 31, 2012 in a reshuffle that also saw the power minister promoted as a massive electricity failure struck the country. -- PHOTO: AFP

NEW DELHI (AFP) - India's new pro-market finance minister on Monday pledged to take steps to restore foreign investors' faith in Asia's third-largest economy and "restart the growth engine".

Mr P. Chidambaram, in his first public statement since taking over the job last week, said India's economy faced a string of challenges from stubborn inflation to high interest rates and a hefty fiscal deficit.

But "with sound policies, good governance and effective implementation, we will be able to overcome these challenges," said Mr Chidambaram, now in his third stint as finance minister.

In a wide-ranging policy statement, Mr Chidambaram said he believed there was "enormous goodwill" for India around the world and that most people "continue to keep faith with the India growth story.

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