He said Prime Minister Manmohan Singh will take more measures to contain inflation and bring the economy back on the higher growth trajectory, he told a press conference here.
"It's not correct to say that measures were not taken earlier (to check inflation and promote growth). Measures were taken earlier. But we find that some more measures are required and I am confident that the Prime Minister will take the necessary measures," Chidambaram said.
The Prime Minister has already identified the issues like promoting savings and investment and containing fiscal and current account deficits, he said, adding, "in the days to come you will find the government addressing these issues and once we address these issues, we will get back to the high growth path," he said.
India's economic growth slipped to nine-year low of 6.5 per cent in 2011-12 after clocking over 8 per cent growth in the previous two consecutive years. At the same time, overall inflation rose to 7.55 per cent while retail inflation was 10.63 per cent in May.
"Getting back to the high growth path is not a matter of rhetorics or politics. We have to address the issues," he said.
On when he was going to take over as the new Finance Minister Chidambaram quipped, "I took over as the Finance Minister on May 22, 2004 and I demitted office on November 30, 2008. I cannot look into the future. I am not an astrologer."
When asked if Pranab Mukherjee was not not capable as Finance Minister because the government was now talking about measures to be taken to deal with the current crisis, he said "when Mukherjee was the Finance Minister, he also took a number of measures to address savings, investment and the current account deficit.
"For example last year was a bad year for growth, but we got USD 46 billion of FDI last year."