India's finance minister promises to put economy back on high growth path with new budget
{{#rendered}} {{/rendered}}
India's finance minister has unveiled a national budget with a promise to put Asia's third largest economy back on a path of high growth and to check runaway inflation and the fiscal deficit.
Palaniappan Chidambaram told Parliament on Thursday that the country was facing a current account deficit crisis due to huge imports of oil, coal and gold and a slowdown in exports.
He says attracting foreign investment is crucial to stemming India's economic slowdown and getting the nation back to fiscal health.
{{#rendered}} {{/rendered}}
He said the government had no choice but to cut spending.