The president said that defense spending would be cut as the tide of war receded, but pledged to maintain critical capabilities in areas such as intelligence gathering, orbital reconnaissance and cyber security.
During the summer many people were rescued after getting cut off by the tide and activities such as coasteering - swimming, jumping and scrabbling around sections of coastlines - saw Brixham Coastguard called out to a variety of incidents.
Mr. Chidambaram's comments add support to the view among some investors and analysts that the central bank will also cut banks' cash reserve ratio to help banks tide over the liquidity crunch.