Finance Minister P Chidambaram said on Saturday thats he is not sure of a ‘solid majority in the Parliament’ after the general elections after the Congress suffered bruising defeats in polls in four out of five states recently.
Chidambaram was speaking in a panel discussion at 20th anniversary of National Stock Exchange (NSE) here.
“I am not sure that elections will throw up government of solid majority in the Parliament. But if it does, then that could be a turning point to get over our weakness,” said Chidambaram.
The Bharatiya Janata Party (BJP), was the clear winner in three big states – Chhattisgarh, Madhya Pradesh and Rajasthan that went to the polls.
Polls in Delhi ended up with a split result.
Meanwhile the Finance Minister also expressed his worries over constrains faced by the capital market, one of which being the low level of retail participation.
“The capital markets still face various constraints which need to be addressed urgently,” Chidambaram added.
Chidambaram praised the efforts of the NSE to win back investor confidence but said still more needs to be done.
“It is, therefore, important that all our institutions maintain the highest ethics and highest standards of probity. An ethics deficit can bring down the entire financial system as we have seen in the past,” said Chidambaram.
After 20 years, NSE has been successful in reforming the Indian securities market and in bringing unparalleled transparency, efficiency and market integrity giving stiff competition to others like Bombay Stock Exchange (BSE) and MCX Stock Exchange Limited.