No reason for panic over rupee decline: Chidambaram

Finance Minister P Chidambaram on Thursday said that steps taken by the government since August have desired impact on fiscal consolidation and inflation. He was addressing the media in New Delhi in the wake of rupee fall and Fitch revising India's credit outlook to stable .

Key takeaways from his press conference:

• Looking forward to more reforms to achieve desired results
• World continues to repose faith in India
• Number of decisions will be taken in next few days and weeks
• We will leave no stone unturned to achieve revenue and fiscal deficit targets
• No reason for panic over rupee decline . It will regain losses suffered in last few days and find its level
• Economy is stronger than what it was this time last year. Inflation too is low
• All developing economies facing currency depreciation
• Reviving investor confidence is top priority
• Decisions on coal and gas pricing, revision in FDI limits being considered
• Gold imports have sharply come down and I will be happy if it comes down further
• No further hike in import duty on gold
• Govt to infuse Rs 15,000-20,000 crore annually for five years in PSU banks