Growth Cycle will start again from next year: Chidambaram
Union Finance Minister P Chidambaram today exuded confidence that the country will return to a high growth trajectory from next year.
Addressing Karnataka Pradesh Congress Committee (KPCC) office bearers here, he said that 'growth cycle will start again and we will grow in the direction of achieving higher GDP.' He said India is one among the four countries including China, Brazil and South Africa which have withstood the global slowdown.
There is total slowdown in Europe, US and other developed countries and many coutries were facing negative growth.
Mr Chidambaram said that in the first six months of the current fiscal year the country had witnessed 5.5 per cent growth due to UPA government taking adequate measures and by end of the year 9 per cent growth can be expected.
Stating that more reforms were in the offing, he said that 'there should be encouragement for attracting investment both domestic as well as foreign. This is agreed by all business sections, but only political parties who do not understand oppose it.' He said that 'we have asked Public Sector to invest and Private sectors to invest in India. Banks were asked to lend more for Small and medium sector so that more growth is witnessed.'