Booming economy a 'success' story of UPA govt: Chidambaram

Terming the boom in the Indian economy as UPA government's major "success" story that Prime Minister Manmohan Singh and he could showcase to the world, Finance Minister P Chidambarm today said the gradual process of reforms was paying dividends although he became 'impatient' at times.

Giving details of the growth in various sectors to highlight achievement of the two-and-half years of the UPA regime, he said the performance so far during 2006-07 would "help us maintain the average growth rate of 8 per cent".

Asked about the areas of concerns in the growth story, he said there had been pressures on prices of wheat, sugar and pulses and inflation was being impacted by petro product prices.

"The process of reforms in gradual... This is durable... at times I become impatient and want to speed up to capitalise on opportunities," he said.

In the context of the reported differences between his Ministry and the Planning Commission on social sector needs versus fiscal discipline, Chidambaram said there could be no compromise on the budgetary targets and that he had apprised the Prime Minister on the need for maitaining the same.

Stating that the Prime Minister had appreciated his views, Chidambaram said that the budgetary and revenue deficits would be contained at the targeted level of 3.8 per cent and 2.1 per cent, respectively.

"Prime Minister can take this growth story to Brazil and the US during his upcoming visit while I will take it to Singapore and other destinations," Chidambaram said.

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