Indian economy more stable; deficits will come down: Chidambaram

Finance Minister P. Chidambaram Monday said the Indian economy is more stable than it was 20 months back and the government is hopeful of meeting major macro-economic targets, including fiscal and current account deficits.

"The economy today is far more stable and far stronger than it was 20 months ago," Chidambaram said at a media conference here.

"Nobody is talking about downgrades today," he stressed.

He said the country's current account deficit is estimated to come down to $35 billion in the 2013-14 financial year from a record high of $88 billion in the previous year.

On fiscal deficit, he said it would be around 4.6 % of the country's gross domestic product (GDP), as outlined by him in the union budget for 2013-14.

Chidambaram said the government has also succeeded in controlling inflation and creating more jobs.

The finance minister claimed that unemployment rate has come down during Prime Minister Manmohan Singh-led United Progressive Allaince government.

On the surge in the stock markets, Chidambaram said it is because of the UPA government's policy and should not be seen as a rally for the Bharatiya Janata Party (BJP) possible victory in the general election.