Amid global concerns for growth in business and industry looming large, the finance minister P Chidambaram has said that by the end of the current fiscal, India might be able to have an 8 per cent growth rate.
“We can end this year with a growth rate of 8 per cent. I am confident that in 2009-10, the growth rate will bounce back to 9 per cent,” said Chidambaram.
He however also added that India will be affected to a certain extent by the global financial crisis.
“There is a storm blowing across the world. India will be affected to some extent, although indirectly, but Indian business and industry have placed India in a situation where we can weather the storm. We will remain vigilant,” he said.
Speaking about some positives for the economy, he named the growth registered in various tax collections and imports and exports as compared to recent years.
“Earlier this year there were apprehensions about exports. During the period April-August 2008, exports have increased in dollar terms by 35.1 per cent and imports have increased in dollar terms by 37.7 per cent,” he informed.
He also applauded the cumulative investments proposed by Indian industry and business in the current year. For the period ending June 2008, cumulative investment is estimated at Rs 66,77,278 crore as against Rs 44,58,840 crore in the corresponding period last year.
