Expressing confidence that India would achieve a nine per cent growth rate during the second half of the next fiscal, Home Minister P Chidambaram, who till very recently was at the helm of the finance ministry, today said the country escaped global economic crisis due to strong banking institutions and firm policies the government pursued.
Addressing staff and students of Pondicherry University after declaring open the new premises of the School of Management in the university, Chidambaram said one could rest assured that the country would score 9 per cent growth during the second half of the next fiscal.
"India escaped the impact of the global economic crisis due to its "strong banking institutions and also the firm policies they pursued", he said.
He said that the country had made steady progress ever since "we (the UPA government) came to power in 2004 and the distinct policies adopted keeping in mind the welfare of the people have also been chiefly responsible for the 9 per cent growth".
"This achievement was not anything magical or accidental, but was a successful accomplishment for the hard work."
Agriculture, service and industrial sectors and certain other areas had made stupendous and impressive progress during the last four years. The human resource, sustained hard work had also been instrumental for the achievement in economic growth, Chidambaram said.