"Our foremost task is to augment savings, and then challennelise these savings into investments," he said, assuring every step possible to put the Indian economy back on the high growth path.
"India's growth story remains strong."
Chidambaram said India fared better than the global economy, which saw the growth drop from 5.3% in 2010 to 3.9% and 3.5% during the next two years. The advanced economies also logged a growth 3.2%, 1.6% and 1.4%.
"India was not immune," he said, adding: "It will do well to remember that out of eight years it is only during two years -- 2008-09 and 2011 11-12 -- our economy grew at less that 7%."
He said the tight monetary policy of the Reserve Bank of India (RBI) to tame inflation had dampened growth. "But there is no cause for gloom or despondency."