Credit to industry will not suffer: Chidambaram
India's economic growth will remain robust at around 8% and productive industries will not be denied credit, FM P Chidambaram said.business Updated: Aug 13, 2008 18:23 IST
India's economic growth will remain robust at around 8 per cent and productive industries will not be denied credit, Finance Minister P Chidambaram said on Wednesday.
"There is no slowdown in the economy. There is no slowdown in any other sector. There is no slowdown in infrastructure and new projects," Chidambaram told reporters in New Delhi after a meeting with chief executives of commercial banks.
"We are confident that credit delivery will still be brisk. Productive sectors will not be starved of loans," he said, while expressing confidence that the country will witness a growth of around 8 per cent in the current fiscal.
This was his first meeting with the chief executives, after the quarterly review of the country's monetary policy by the Reserve Bank of India (RBI) last month, when some key rates were revised upward.
The meeting also came against the backdrop of Prime Minister's Economic Advisory Council predicting a lower economic growth of 7.7 per cent for the current fiscal compared with 9.1 per cent achieved in 2007-08.