Finance Minister, P.Chidambaram today asserted in the Lok Sabha that rupee will correct itself and the growth will bounce back. He admitted that the economy is going through a period of stress and government has been taking corrective steps to check the rupee slide.

Responding to the criticism of the opposition while replying to the discussion on Appropriation Bill for Supplementary Demands for Grants for 2013-14 he said that a number of measures have been taken to strengthen and restore and improve confidence in Indian economy.

He said although the Central Statistical Organisation reported a growth of five per cent in the last fiscal, most of the states have registered higher growth. Mr. Chidambaram said the country’s fiscal deficit will not be allowed to breach the red line of 4.8 per cent of the GDP in this year of fiscal consolidation.

On the rehabilitation and reconstruction of the flood-ravaged Uttarakhand, the Finance Minister said adequate funds have been provided. He said all the ministries have been asked to find out what additional support they can give to Uttarakhand.

Later, the House adopted the relevant Appropriation Bill for Supplementary Demands for grants for 2013-14.