New Delhi: The UPA government should have continued with economic reforms for achieving higher growth, Finance Minister P Chidambaram said on Wednesday.
"I think the people of India want growth. They also want distributive justice.... We should not have lifted the foot that have been kept on the accelerator of growth. We should have pressed on with growth, pressed on with reforms even while we were continuing our flagship programmes.
"Somewhere I think we thought that lower growth would be acceptable...(but) people of India want high growth, then want distributive justice," he said in an interview to a TV news channel.
Admitting that several issues, like anti-corruption movement and Telengana movement, distracted the government, Chidambaram said the UPA government should have continued deepening the reforms and promote growth.
He claimed the UPA`s 10-year rule was the "golden period" of growth.
India`s economic growth, however, slowed to decade`s low of 4.5 percent in 2012-13. The estimate growth rate in the last fiscal is 4.9 percent.
When asked if 4.9 percent was achievable in view of the low growth recorded in different quarters, the Finance Minister said: "As of now, our assessment is that it is attainable".
Chidambaram claimed his record of marksmanship is much better than other past Finance Ministers`.
He said there are problems in the economy but hoped the new incumbent would pursue the 10-point agenda outlined by him in the interim Budget.
Replying questions on gold, he said though demand for some relaxation in import duty is justified.
He, however added that 10 percent import duty on gold is not high.
Large gold imports were a major reason for record high current account deficit of USD 88 billion in 2012-13. Due to curb on gold imports, the CAD fell to USD 32 billion in 2013-14.
As regards fiscal deficit, Chidambaram exuded the confidence that it would be contained at 4.6 percent of the GDP in 2013-14.
On inflation, he said the secular trend of moderating inflation would continue.
