Chidambaram says repeatedly that India should not worry about the depreciation of the rupee. "The economy is recovering and number of steps have been taken to spur growth. We will leave no stone unturned to achieve revenue and fiscal deficit targets and I believe the economy will regain losses suffered in last few days and find its level. The economy is stronger than what it was this time last year," he says.

Explaining why Indians need to stop buying gold, Chidambaram says no gold imports for one year will dramatically change the situation. "India is still and will remain an attractive option for investors, however, Fitch expects the government to reduce the high level of public debt.

Read what Fitch said yesterday.