Finance Minister Mr. P Chidambaram's Visit to Mumbai on June 6, 2013
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Finance Minister Mr. P Chidambaram’s
Visit to Mumbai on June 6, 2013
Launch of Dalit SME Fund - IBA AGM - 32nd SKOCH Summit
MEDIA COVERAGE REPORT
PRESS INFORMATION BUREAU
MINISTRY OF INFORMATION & BROADCASTING
GOVERNMENT OF INDIA
MUMBAI
.
GOVERNMENT OF INDIA
PRESS INFORMATION BUREAU
MUMBAI
Pratishtha Bhavan, Maharshi Karve Rd, Marine Lines, Mumbai. Tel: 022-2206 9413 / Fax 2206 2989
pibmumbai@gmail.com www.pibmumbai.gov.in
Mumbai / June 7, 2013
Finance Minister Mr. P Chidambaram’s visit to Mumbai on June 6
Finance Minister Mr. P Chidambaram visited Mumbai on June 6, 2013. His main engagements included – launch of
India’s first Dalit SME Fund at Taj Mahal, Colaba, address at the Annual General Meeting of the Indian Banks’
Association at Trident Nariman Point and to attend a panel discussion and address the 32nd SKOCH Summit at
Hyatt Regency, Sahar.
All the English newspapers and most of the Hindi and regional language newspapers published from Mumbai have
published news items relating to FM’s visit to Mumbai, highlighting various news angles.
FM asks banks to advise customers against investing in gold 20
FM launches India’s first Dalit SME Fund. 8
FM says Swarup Panel constituted to track and restart 215 stalled projects 7
FM says 4.8% fiscal deficit target is easily achievable 6
FM says new banking licences would be issued by the end of this fiscal 4
FM not too much concerned about fall in rupee, says capital inflows are strong 4
Finance Ministry moots oversight body for debt recast. 4
FM asks banks to cut rates, pass on the benefits to spur growth 3
FM asks banks to contain NPA, improve profitability 2
FM says norms for SME listing to be issued soon 1
FM says strong policy decisions regarding infrastructure during June 1
FM says the present DTC bill is a far cry from what was originally drafted 1
FM’s visit was also covered extensively by the TV news channels, with the 7 business channels undertaking
extensive reporting. ANI TV supplied live feed of the events through 3G Link.
A total of 56 web clippings have been secured for Finance Minister’s visit to Mumbai on June 6, 2013.
Manish Desai
Director (Media/Communication)
ADG (Finance) : Mr.D S Malik, PIB New Delhi ; M/o Finance
P I B RELEASE
GOVERNMENT OF INDIA
PRESS INFORMATION BUREAU
MUMBAI
Pratishtha Bhavan, Maharshi Karve Rd, Marine Lines, Mumbai. Tel: 022-2206 9413 / Fax 2206 2989
pibmumbai@gmail.com www.pibmumbai.gov.in
Mumbai / June 6 2013
Let every bank branch hand hold a Dalit entrepreneur – Chidambaram
Union Finance Minister Mr P Chidambaram today launched India’s first SEBI registered social impact fund – the DICCI
SME Fund at a function in Mumbai. The venture capital fund, initiated by the Dalit Indian Chamber of Commerce &
Industry, aims to raise Rs 500 crores over 10 years and finance Dalit entrepreneurs to set up their businesses. The fund
was launched with an initial contribution of Rs 10 crores by the Small Industries Development Bank of India, SIDBI
“It is a modest beginning, all path breaking projects begin on a modest scale, I am sure, one day this will grow into a
massive tree” said Chidambaram, highlighting that the first Dalit Fund will go a long way in creating social equity. “The
fact that the first Dalit Fund is being launched at the iconic ball room of the historic Taj Mahal hotel in the country’s
financial capital is very significant” he added.
Mr. Chidambaram regretted that we in India have for centuries masked the fact that we discriminated against one
quarter of our own people. He said, the Constitution of India provided for equality as also affirmative action. “Reservation
may be a blunt instrument, but it is an useful instrument in the absence of a better alternative”, he observed.
Complimenting the DICCI for its pathbreaking initiative, the Finance Minister said that the Dalit Chamber has today
shown that acquiring economic power is a better instrument. “There is no better way to seek livelihood with dignity than
being an entrepreneur standing on his own legs” he added.
Underlining UPA government’s commitment for promoting inclusive growth, Mr. Chidambaram said small and medium
enterprises route is the right path for empowerment of SC/ST entrepreneurs. He said the newly announced Public
Procurement Policy mandates 20 per cent of all government and public procurement to be made from the MSME sector.
It further stipulates that 4 per cent of all purchases should be made from firms run by the SC/ST entrepreneurs.
Admitting that availability of finance is an issue for smaller enterprises, the Finance Minister said every bank branch in the
country should hand hold one SC/ST entrepreneur, from amongst hundreds of its customers. “We will have one lakh
flowers blooming in the country” he observed. Mr. Chidambaram also said that he will ask the public sector financial
institutions, banks and LIC to invest in the DICCI SME Fund to meet its corpus requirements.
The DICCI SME fund launched with a motto “we will not be job seekers, we will be job givers” aims to create four kinds
of social impact : Financial inclusion for SC/ST SMEs through access to equity capital markets, economic empowerment
through wealth creation, employment creation for SC/ST youth and capacity building through the investee
companies. Ends / PIB Mum/MD/ASP I B RELEASE
GOVERNMENT OF INDIA
PRESS INFORMATION BUREAU
MUMBAI
Pratishtha Bhavan, Maharshi Karve Rd, Marine Lines, Mumbai. Tel: 022-2206 9413 / Fax 2206 2989
pibmumbai@gmail.com www.pibmumbai.gov.in
Mumbai / June 6 2013
Fiscal deficit target of 4.8 per cent easily achievable : Chidambaram
Finance Minister P Chidambaram has expressed confidence that fiscal deficit target of 4.8 per cent during 2013-14 can be
easily achieved. Addressing the Annual General Meeting of the Indian Banks’ Association, IBA in Mumbai today, Mr
Chidambaram said, “we have been able to lower the fiscal deficit from 5.3 per cent to 4.9 per cent. This has been
achieved through substantial fiscal tightening in the second half of last year.” He said the government hopes to achieve
the fiscal deficit target without compressing expenditure, but by expecting investments to pick up in remaining three
quarters of the year. Mr. Chidambaram also said that there is no cause for concern over the fall of the Indian Rupee as
the capital inflows were strong. “I think the Rupee will stabilize and find its correct level” he said on the sidelines of the
IBA AGM.
Current Account Deficit – a major worry
Mr. Chidambaram however expressed serious concern over the current account deficit and blamed increasing gold
imports for much of the problem. He informed that while on an average 70 tons of gold was imported in a month during
2012-13, the monthly gold imports have doubled during the current fiscal. Finance Minister strongly discouraged the
practice of investing in gold and also asked the banks not to promote sale of gold coins. “Gold is like any other metal, it
only shines a bit more”, he added.
Current growth rate is not satisfactory, but there is hope
Referring to the current GDP growth, Mr. Chidambaram admitted that 5 per cent growth is low and is not acceptable.
Though, this rate is being termed the lowest in a decade, the Finance Minister pointed out that the Indian economy
registered its lowest growth of the new century during 2001-02 and 2002-03, at 4.8 per cent and 4 per cent. “We are not
satisfied with the growth picture, but there is hope”, he added.
Mr. Chidambaram said an increase in rural demand following a good rabi crop, increased government spending and lower
inflation will help the economy to grow. In order to kick-start the economy, the FM said, the government has decided to
improve the investment sentiment in the country. Stating that 215 major projects entailing a capital expenditure of Rs 7
lakh crores have been stalled, Mr. Chidambaram said the Government has set up a special committee to track them and
will seriously work towards removing all bottlenecks. “I assure investors that each project will be tracked and government
will help see them through”.The Finance Minister said it is a matter of relief that the wholesale price inflation is falling and the Consumer Price Inflation is also showing moderation. “As the inflation rate falls, there will be more disposable income with the people, which will lead to growth in deposits with banks, as the current interest rates are attractive.” FM said India can’t afford growth of less than 8 per cent, if we have to take advantage of demographic dividend. “It is not a pious hope, It is India’s potential growth rate” he added. Banks should improve profitability ; promote financial inclusion Speaking about the banking sector, Mr. Chidambaram said Rs 5 lakh crores would be required in the form of capital infusion to meet the BASEL norms. Out of this 3 lakh crores will be non equity. He said, a substantial portion of the equity capital should be financed through retained earnings, and hence called upon the banks, particularly the public- sector banks to improve their profitability. He asked them to reduce their Non Performing Assets, by going after the wilful defaulters. Chidambaram also asked the banks to promote financial inclusion by opening more branches in severely under banked blocks and districts. PIB Mum/MD/AS
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