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'India's economic growth will top 9 pc'

Indian economy will grow at 9% during the current fiscal despite the global financial turbulence, says Finance Minister P Chidambaram.

business Updated: Jan 31, 2008 21:11 IST

Riding on an investment boom and swift policy action, the Indian economy will grow at 9 per cent during the current fiscal despite the global financial turbulence, Finance Minister P Chidambaram said in New Delhi on Thursday.

"We are confident that if we keep firm hands on the wheel, the Indian economy will sail through turbulent waters," the finance minister told reporters in New Delhi, even as the estimate of India's growth last fiscal was raised to 9.6 per cent.

"I will still maintain that in the fiscal year 2007-08, growth will be close to 9 percent," he said, adding that his government would also make quick decisions as the global situation may evolve and warrant.

"We are not making policies and we are not taking our administrative steps in a vacuum. We are doing so where there is heightened uncertainty and we are making rapid adjustments," the finance minister added.

Asked if he saw the current turmoil in the global financial system, especially the situation in the US, impacting the Indian economy, Chidambaram said: "It is too early. Let us wait for a day or two."

The finance minister's remarks came soon after the state-run Central Statistical Organisation (CSO) revised the growth estimate in India's gross domestic product (GDP) for 2006-07 to 9.6 per cent from 9.4 per cent earlier.

"It is a matter of considerable satisfaction that despite the turbulences and heightened global uncertainties, our economy grew by 9.6 percent and estimated to grow close to 9 per cent this year," Chidambaram said.

"This shows that since the United Progressive Alliance (UPA) came to power, there has been an investment boom. People are investing. They have confidence in the future," he said.

"Domestic investment is high. Foreign direct investment also played its part."