Economy to get back from stress shortly : Chidambaram

October 5, 2013

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Bangalore, Oct 5: India's sagging economy would recover from stress in the second half of this fiscal to return to high growth over the next two years, Finance Minister P. Chidambaram said Saturday.

"The country's economy will recover from stress this fiscal (2013-14) as it has enough the capacity to get over it to post higher growth than last fiscal (2012-13)," Chidambaram said on the margins of a bank function here.

In view of a normal monsoon resulting in higher growth in the farm sector and steps to boost demand in services and manufacturing sectors, Chidambaram hoped the national gross domestic product (GDP) growth this fiscal would be better than last fiscal (2012-13) when it was 5 percent as against 6.5 percent in 2011-12.

"The recovery will enable the economy to grow 6-7 per cent next fiscal (2014-15) and return to 8 percent growth in fiscal 2015-16," the finance minister said.

The economy has been projected to grow at 4.5-5 percent GDP this fiscal (2012-13) as against 5 percent last fiscal (2012-13) due to slow down in the first two quarters.

"Last year, pundits, analysts, rating agencies and all the wise people, who appear on television channels daily, told me that we cannot contain fiscal deficit. I am happy that we were able to surprise them. We did contain fiscal deficit at a level below (4.9 percent) what I had indicated (5.2 percent)," Chidambaram said after unveiling 101 branches of the State Bank of Mysore (SBM) simultaneously through remote switch.

Referring to the current account deficit (CAD), the finance minister said he would ensure it is restricted to $70 billion this fiscal as against $88 billion last fiscal.

"We were told that we will not be able to contain CAD. But I will surprise them (pundits) once again by containing it well below $70 billion. Though I do not have a magic wand, I say this because we have intellectual capacity and the people who give us confidence that we can overcome the stress period," Chidambaram said.

Extolling the people for being very good in savings, the finance minister said even in the worst of times the savings rate did not go below 30 percent.

"I have no doubt everyone saves, which is a great fortune of our country. If those savings are channelised into productive investments and if we create a climate where people can take risks, I am sure we will get over this period of stress," he said.

Noting that the country was blessed with very good economists, economic advisors and administrators, Chidambaram said a fresh set of policies could be drafted through dialogue with stakeholders and time could be given to them for implementation.

"Believe me, sooner than later we will find results," he added.

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December 3,2025

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Mangaluru, Dec 3: A group of Congress workers gathered at the Mangaluru International Airport on Wednesday to welcome AICC general secretary K C Venugopal, but the reception quickly turned into a display of support for Deputy Chief Minister D K Shivakumar.

Venugopal arrived in the city to participate in the centenary commemoration of the historic dialogue between Mahatma Gandhi and Narayana Guru. The event, organised by the Sivagiri Mutt, Varkala, in association with the Mangalore University Sri Narayana Guru Study Chair, is being held on the university’s Konaje campus.

KPCC general secretary Mithun Rai and several party workers had assembled at the airport to receive Venugopal. However, the moment he stepped out, workers began raising slogans backing Shivakumar.

The university programme will be inaugurated by Chief Minister Siddaramaiah.

This show of support comes just a day after Siddaramaiah remarked that Shivakumar would lead the government “when the high command decides.” The chief minister made the comment after a breakfast meeting at Shivakumar’s residence—another public display of camaraderie between the two leaders amid ongoing attempts by the party high command to downplay their leadership rivalry.

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News Network
December 2,2025

Puttur: The long-cherished dream of a government medical college in Puttur has moved a decisive step closer to reality, with the Karnataka State Finance Department granting its official approval for the construction of a new 300-bed hospital.

Puttur MLA Ashok Kumar Rai announced the crucial development to reporters on Monday, confirming that the official communication from the finance department was issued on November 27. This 300-bed facility is intended to be the cornerstone for the establishment of the government medical college, a project announced in the state budget.

Fast-Track Implementation

The MLA outlined an aggressive timeline for the project:

•    A Detailed Project Report (DPR) for the hospital is expected to be ready within 45 days.

•    The tender process for the construction will be completed within two months.

Following the completion of the tender process, Chief Minister Siddaramaiah is scheduled to lay the foundation stone for the project.

"Setting up a medical college in Puttur is a historical decision by the Congress government in Karnataka," Rai stated. The project has an estimated budget allocation of Rs 1,000 crore for the medical college.

Focus on Medical Education Department

The MLA highlighted a key strategic move: requesting the government to implement the hospital construction through the Medical Education Department instead of the Health and Family Welfare Department. This is intended to streamline the entire process of establishing the full medical college, ensuring the facilities—including labs, operation theatres, and other necessary infrastructure—adhere to the strict guidelines set by the Medical Council of India (MCI). The proposed site for the project is in Bannur.

Rai also took the opportunity to address political criticism, stating that the government has fulfilled its promise despite "apprehensions" and "mocking and criticising" from opposition parties who had failed to take similar initiatives when they were in power. "Chief Minister Siddaramaiah has kept his word," he added.

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News Network
December 2,2025

Mangaluru, Dec 2: Mangaluru International Airport responded to a medical emergency late on Monday night. Air India Express flight IX 522, travelling from Riyadh to Thiruvananthapuram, was diverted to Mangaluru Airport after a passenger in his late 30s experienced a medical emergency on board.

The Airport’s Operations Control Centre received an alert regarding the passenger’s health condition. The airport activated its emergency response protocol, mobilising the airport medical team and coordinating with stakeholders including CISF, immigration, and customs. 

Upon landing, airport medical personnel attended to the passenger, assessed his condition, and arranged to shift him to a local tertiary-care hospital for further treatment. The passenger’s relatives accompanied the passenger, who incidentally received necessary medical care on board, which helped stabilise the situation.

Following the handling of the emergency, the flight departed for Thiruvananthapuram at 2:05 am on Tuesday.

"We appreciate the cooperation of all parties involved, and this incident reaffirms our ongoing commitment to prioritising passenger safety and readiness to respond to unforeseen emergencies with professionalism and care," the Airport spokesperson said. 

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