ECONOMY TO BOUNCE BACK, 7 PC GROWTH SEEN IN LATE FY\'10: PC

Mumbai March 7:

Union Home Minister P Chidambaram sought to hammer the point that domestic economy is well on its way to recovery by saying it will clock seven per cent growth by third-fourth quarter of the next fiscal.

\"By the third and fourth quarter of next fiscal, I am confident that the economy will show an upturn and clock a seven per cent growth,\" Chidambaram, who was Finance Minister till January, told an international conference here. He said the economy would return to the nine per cent growth trajectory in 2010-11.

\"The growth rate was at 5.8 per cent, investment virtually at halt, inflation on rise and there was an uncertainty when we (UPA) came to power in 2004,\" he said, adding that the Government had a brilliant run during its tenure. The growth of 7.5 per cent, 9.5 per cent, 9.7 per cent and 9 per cent during the last four years were the best period ever and India became the second fastest growing economy after China, he said. \"Our savings and investment rate went up and tax-GDP ratio also moved up,\" Chidambaram said.
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