“Achieving a growth of over eight per cent and repeating it for the fifth year would make any government proud. But we have brought the country into discussing inclusive growth,” Mr Chidambaram told the opening session of the India Economy Summit here on Sunday.

Speaking on what he viewed as a major drawback for his government so far, the finance minister immediately referred to financial sector reforms, especially in banking, pension and insurance, which were at the heart of the economy.

“What we have managed to say is ‘Don’t debunk growth’. Growth is imperative. But likewise, we also say growth does not mean it is for the top 10 per cent of India,” he said  at the summit organised by the Davos-based World Economic Forum (WEF).

Earlier, speaking of “Shifting Power Equation,” Chidambaram said, “China and India contribute 60 per cent of the world growth today. But that does not mean economic power has shifted from the developed world to developing countries.”

According to him, the factors that contributed to his line of thinking on the issue had to do with three aspects. He listed them as control over knowledge, financial resources and material resources like oil and gas.