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Will present much better picture of economy in Feb: FM

Posted on Dec 14, 04:57PM | UNI

Union Finance Minister P Chidambaram today said only five economies in the world are growing at a pace of five per cent and India happens to be one of them.

Replying to the discussion on the Supplementary Demands for Grants, Mr Chidambaram assured the Lok Sabha that when at the end of February next year he will present the General Budget, it will reflect a much better picture of the Indian economy.

The Finance Minister said the financial meltdown which started in 2008 is not over yet but assured the House that ''we will achieve fiscal consolidation and put the Indian economy back on rails''.

He said in this year some bitter medicine had to be taken for the betterment of the economy.

Mr Chidambaram said the government has sought Rs 32,119.50 crore as oil companies have under recoveries and there is a turnaround plan for Air India.