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World Business News |
Chennai News
Friday, April 8, 2005 (Mumbai ):
In his first post-budget visit to Mumbai, Finance Minister P
Chidambaram was clearly in no mood to let the economy and
capital markets go off-track.
In a strong message to brokers, Chidambaram once again warned
of strict action against mischief-makers in the stock market.
His statement came despite the fact that no action has yet
been taken against those behind last year's 'Black Monday'
crash.
Banking on reforms
Chidambaram also pushed his case for consolidation,
convergence and competition in the banking sector. But this
time round, he chose to be politically correct, saying unions
should not worry too much.
"Even after the mergers, the public sector character of banks
will be retained. There will be no retrenchments, no closure
of branches," he said.
With the economy chugging along, the Finance Minister didn't
sound too worried on interest rates in the commercial
capital, but inflation and oil prices still remain the two
big problems.
"Oil prices are a concern. We should be flexible and rein in
inflation," he said.
Everyone who has anything to do with business in Mumbai lines
up to meet the Finance Minister when he comes calling.
But for Chidambaram, his visits are now being seen as an
effort to keep Mumbai's financial world informed on the
economy.
At the same time, it is also an opportunity for the minister
to keep a close eye on the capital markets.
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