New Delhi: Describing his Budget as "caring and daring", Finance Minister P Chidambaram today (July 8, 2004) ruled out any reconsideration of the decision to raise sectoral caps on Foreign Direct Investment (FDI) in telecom, civil aviation and insurance and was not worried about the slump in the stock market.

"We have shown we are a caring and daring Government. We are caring by addressing agriculture, rural economy and infrastructure, providing for safety net programmes like food for work. We are daring by liberalising," he told reporters shortly after presentation of UPA (United Progressive Alliance) Government's maiden Budget for 2004-05.

The Minister said by taking bold decisions on FDI and steps in relation to capital market, they had no ideological predilections.

He said he did not expect any problem on the issue of raising FDI caps in telecom or civil aviation. What was already being in the telecom sector in a non-transparent manner would now be done in a transparent manner.

He said already up to 74 per cent FDI was allowed in the sector, 49 per cent directly and the remaining indirectly. Now the entire 74 per cent would be allowed in a direct and transparent manner.