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New Delhi: Just a day after the Budget, Finance Minister P Chidambaram spoke to TV18 network's Editor Raghav Bahl, where he clarified that discussions on the Rangarajan Panel will start now and a decision will be taken on the Rangarajan Panel Report in three months.

Excerpts from the interview:

Raghav: Would it be fair to say that you have been a lucky general more than an astute one?

Chidambaram: If things are going well then one is lucky and if things are going bad, then simply blame bad luck. Why do you blame the FM? I think the government is entitled to take credit for what is happening as much as it is obliged to take responsibility for things, which are not happening.

Chidambaram: Wrong. In personal income tax we are bang on target; Rs 66,239 crore. In customs we are substantially ahead of target, we are almost Rs 11,000 crore. Service tax we are ahead of target at Rs 5,500 crore. We are behind only in two out of five taxes, that is excise and corporation tax and there are good reasons why we are behind. But overall we are bang on target.

Raghav: But despite the fact that you are behind in corporate taxes, you assumed a 28 per cent increase this year. What is the basis for that optimism?

Chidambaram: This year banks and oil companies took a hit, so that hit is been absorbed in this year’s RE. On the basis of the RE, I am projecting next year’s BE. Therefore the baseline growth gives me that revenue plus the GDP growth will give me the revenue. The hit that you took is already in the baseline now.

Raghav: You mentioned the oil companies, someone would say that you have parted quite a bit of your fiscal deficit in the losses of the oil companies?