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Economy to grow 6% in 2014-15; financial sector reforms next: FM

india Updated: Nov 30, 2013 01:24 IST
HT Correspondent
P Chidambaram

Projecting a growth rate of about 6% in 2014-15, finance minister P Chidambaram on Friday said that the government will liberalise capital markets and the financial sector in the next six months to ensure that the economy returns to the high-growth trajectory.

Liberalising natural gas pricing regime and unblocking stalled projects would be given priority, he added.

“We have to liberalise capital markets, we have to liberalise the financial sector, we have to fix the price of gas and oil...we have tried to fix the issues in the coal sector so that more coal is produced,” the minister said at an economic conclave organised by ET Now. “We will have more meetings of the Cabinet Committee on Investment (CCI) to unblock stalled projects.”

Chidambaram pointed out that though the Indian economy was going through tough times, the phenomenon was not unique to India and other economies the world over were also facing the same problems. He exuded confidence that economic growth would pick up from 2015-15 and would rise to 8% in two years time.

“In 2014-15, our growth will be close to 2015-16, it will be close to 7% and a year after we will be back to the high-growth rate of 8%,” he said.

“We should continue to walk the path of fiscal prudence and fiscal discipline,” he added.