I was not happy with the way government responded to CAG reports: Chidambaram

There is no quick fix and I am not here to promise any quick fixes. The world economy is challenged so is India’s economy. We will have to rebuild the economy brick-by-brick, said Chidambaram

On Thursday, P Chidambaram completes a year of his return to the finance ministry. He tells Surojit Gupta &Sidhartha that with the global uncertainty looming large, there are no quick fixes for a swift recovery. Excerpts.


Have the challenges been tougher than you expected? And, what is your biggest achievement? 

I expected the challenges. Some developments subsequent to my return to the finance ministry were not expected. These have only added to the challenges. The world economy is challenged. The most satisfactory achievement is that we were able to bring back the government accounts to the path of fiscal consolidation. As a consequence we have averted a downgrade. We have also focused the attention of the people, for the first time, on the current account deficit (CAD). We have put in place mechanisms to revive investment. Once investment revives, you will find growth also revives. There is a time lag.