Indian economy turning up, according the Finance Minister Chidambaram

In an interview, India’s finance minister Chidambaram gave an upbeat outlook for the economy:  4.9% growth in the FY ending March 31 past and 6% in the current year, with inflation, now 8.3%, moderating.  He has reduced his budget deficit forecast from 4.8% to 4.6%.  A bit ruefully, Chidambaram added, “I have done more heavy lifting in the last 12 months than the RBI.”  (RBI = Reserve Bank of India)

There is some Fed-envy among the politicians in India who have to do their jobs rather than rely on an accommodative central bank.