Press Esc to close
Saturday 03 December 2016
News updated at 8:53 AM IST
Weather
Max: 26.9°C
Min : 18°C
In Bengaluru
Rain lightly

No scope for gloom; high growth in a year or two: Chidambaram

Bangalore, Nov 20,2012, (PTI) :
Union finance minister P Chidambaram. DH Photo

Finance Minister P Chidambaram today said there was "no scope for gloom or despair" and expressed the confidence that the Indian economy will be back in high-growth trajectory in a couple of years.

"The world economy slowed down in 2008 and the crisis continues and it is not clear (if) it would pick up in 2013. However, there is no scope for gloom or despair," he told office-bearers of Congress at Karnataka Pradesh Congress Committee (KPCC) here.

Noting that the country registered about 5.5 per cent growth in the first quarter, he expressed the hope that GDP growth would improve in the second half.

"We are one among the four or five countries that have had a decent growth rate. Other countries are China, Indonesia and to some extent Brazil and South Africa. No other country is growing at even 1 or 2 per cent. There are only four or five countries that are registering a decent growth of about five per cent," he said.








Apparently referring to the decisions on fuel price and LPG price hike, Chidambaram said government had taken a number of decisions to revive growth, but some of them "are painful that must be shared by everybody."

"Last year was a difficult time. It is under our government that we registered for the first time nine per cent plus growth rate in four years period. We can get back to nine per cent growth. It would be a difficult time, but I am confident that next year the growth cycle will start again and in a year or two, we should get back to high growth," he said.

In the meantime, he said, the country must use its finances judiciously and prudently so as to tide over the difficulty.

"Advanced economies are doing very badly and their growth in 2012 is expected to be only about 1.2 per cent, Chidambaram said adding because of it India's economy was also affected.


Go to Top

Photo Gallery
The sunset in Kalaburgi on Friday...

The sunset in Kalaburgi on Friday...

Cricketer Yuvraj Singh and Hazel Keech during their marriage with Hindu rituals in Goa...

Cricketer Yuvraj Singh and Hazel Keech during their marriage with Hindu rituals in Goa...

Protesters throwing stones on police and CRPF amid tear smoke during a clash after Friday...

Protesters throwing stones on police and CRPF amid tear smoke during a clash after Friday...

A CRPF officer firing teargas shell at protesters throwing stones on them during a clash...

A CRPF officer firing teargas shell at protesters throwing stones on them during a clash...

A man with his son holding Kannada flag during the grand procession of 82nd Kannada Sahitya...

A man with his son holding Kannada flag during the grand procession of 82nd Kannada Sahitya...

Indias first indigenous Aircraft Carrier INS Vikrant which was undocked on completion...

Indias first indigenous Aircraft Carrier INS Vikrant which was undocked on completion...

A plane on board INS Vikramaditya during the Navy week celebrations in Mumbai...

A plane on board INS Vikramaditya during the Navy week celebrations in Mumbai...

A man transports sacks of rice in a horse-drawn cart amid the heavy fog in Allahabad...

A man transports sacks of rice in a horse-drawn cart amid the heavy fog in Allahabad...

Collecot of Nagpur Sachin Kurwe paying his last respect to the mortal remains of Nagrota martyr...

Collecot of Nagpur Sachin Kurwe paying his last respect to the mortal remains of Nagrota martyr...

Greater Flamingos fly over Chandlai Lake in Jaipur on Friday morning...

Greater Flamingos fly over Chandlai Lake in Jaipur on Friday morning...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523