Chidambaram confident of growth recovery

Replying to the debate on budget in Lok Sabha, finance minister P Chidambaram expressed confidence that the country would bounce back to 7% growth in two years.

Replying to the debate on budget in Lok Sabha, finance minister P Chidambaram expressed confidence that the country would bounce back to 7% growth in two years.

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“We should not lose heart; we should not lose faith just because growth has become 5 or 5.5%. A 5% should not demoralise us. With your support, we will recover. We will have over 6% (in 2013-14) and next year we will go back to 7% or more,” the minister said.

The Central Statistical Organisation estimates the economic growth will slip to a decade’s low of 5% in 2012-13.

Chidambaram later stressed on the budget’s focus on the government’s core constituency — woman, youth and the poor whom he said cut across religion, caste and community.

Chidambaram also made assurances on the Food Security Bill.

“The bill is a promise. As the finance minister, I promise money would be made available,” he said.

The House later passed the relevant appropriation bills by voice vote thus completing first stage of the budgetary exercise.