Chidambaram predicts high growth in a year or two

Indian economy will be back in high-growth trajectory in a couple of years, Union Finance Minister P Chidambaram expressed confidence on November 20.
He said that there was no scope for gloom or despair.
Chidambaram said that the world economy slowed down in 2008 and the crisis continues and it is not clear if it would pick up in 2013.

However, there is no scope for gloom or despair, he told office-bearers of Congress at Karnataka Pradesh Congress Committee ( KPCC) in Bengaluru. Noting that the country registered about 5.5 per cent growth in the first quarter, he expressed the hope that GDP growth would improve in the second half.

India is one among the four or five countries that have had a decent growth rate. Other countries are China, Indonesia and to some extent Brazil and South Africa. No other country is growing at even 1 or 2 per cent. There are only four or five countries that are registering a decent growth of about five per cent, he said.

Apparently referring to the decisions on fuel price and LPG price hike, Chidambaram said government had taken a number of decisions to revive growth, but some of them are painful that must be shared by everybody.