HYDERABAD: The Union Government does not appear to have taken kindly to the ASEAN +3 countries (China, Japan and South Korea) holding a daylong conference here to discuss the `Asian Current Unit' (ACU) initiative without inviting Indian participation.

The conference was held during the four-day annual meeting of the Asian Development Bank, which concluded on Saturday.

Responding to the development, Finance Minister P. Chidambaram, in an interaction with select newspersons, Finance Minister P. Chidambaram said: "We are neither happy, nor unhappy."

Elaborating, he said India had not taken a formal position on the proposal by the extended ASEAN bloc to set up an ACU. The matter pertained to "the realm of the future" and India would be keenly watching the developments. He was confident that when a view was firmed up, "India will have a say."

To a question whether India signing FTAs (free trade agreements) indiscriminately with Asian countries would not hit the domestic industry, Mr. Chidambaram said the Government's moves were "slow and cautious" and the country's self-interests were being kept in mind. The benefits of FTAs would be mutual.

As for the proposal for such an agreement with China, he said a pact would be entered into only when the two sides were fully satisfied. Pessimistic views did not take India's growing potential into account. In fact, its growing economic strength and rising clout were brought to the fore during the ADB annual meeting. "Governor after Governor spoke about India's prowess."

On the soaring crude prices and the steps the Government might have to take, including a hike in prices, to insulate the economy, Mr. Chidambaram said it was for the Petroleum Ministry to decide and take the matter to the Cabinet. That Ministry would take a decision "at an appropriate time."

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