PTI Manamadurai (TN), July 27
Noting that India continued to be the second fastest growing economy in the world after China, Finance Minister P. Chidambaram today said people should not be worried about the current slowdown and expressed the hope of achieving six per cent growth this fiscal.
“People should remember India continues to be the second fastest growing economy after China. Even China’s growth, which was at 10 per cent, has come down to seven per cent now, while our growth has slid to five per cent from nine per cent,” he said at a bank function here.
“Economic slowdown is there in all the countries. When there is slow growth rate in the world, India cannot remain unaffected,” he said inaugurating the 2,110th branch of Indian Bank in his Lok Sabha constituency of Sivaganga. Chidambaram said even European countries had been affected by the economic slowdown. Many countries, including Mexico and Brazil, were behind India, he said.
Expressing the hope that the country’s growth would touch six per cent this year, he said, “People should be confident…self-confident and take a bank loan to invest in the farm sector, small industries, housing, etc.
You should hope for a bright tomorrow, and not worry about the slowdown.” On petroleum product prices, he said it had gone up due to the price of crude oil touching $108 for a barrel, adding the price of petrol and diesel would show a declining trend only if crude dropped below $100 a barrel.
India imports over 70 per cent of its oil demand and efforts are on to explore crude and gas in the country. “Sometimes they succeed in hitting crude and sometimes they do not, and it requires a lot of investment...thousands of crores...“We have to reduce the import of crude to 50 per cent for reducing petrol and diesel prices,” he said. (Source: The Hindu Businessline)