Decline in growth no cause of worry: Chidambaram

Union finance minister, P Chidambaram on Monday said that even though the country's economic growth declined to 6.5% in 2011-12 and further to 5.5% in the first quarter of this fiscal, it is no cause for undue worry. Chidambaram further said that the Reserve Bank of India's tight money policy dampened growth and investments. Citing hopes for growth he said that if the savings go back to 36-37% levels then the aim of 8-9% economic growth could be achieved. He also added that without reforms the economy would be at risk and it would not be possible to create enough jobs.