We will climb back to growth rate of 6-7 pct next year: Chidambaram

New Delhi: India's economy will grow by 5.5 percent this fiscal year and 6-7 percent in the next fiscal year, as Asia's third-largest economy shows signs of reviving, Finance Minister P. Chidambaram said on Saturday.

Signs of hope: Chidambaram believes that the economy can grow faster. PTI

Signs of hope: Chidambaram believes that the economy can grow faster. PTI

Chidambaram said the economy would perform better than the 5 percent growth forecast by the government's Central Statistical Organisation (CSO) last week.

The 5 percent figure had been taken as an indication that the economy, growing at its slowest pace in a decade, could be in a worse state than anticipated.

The Minister further said that Central Statistical Organisation's (CSO) estimate of 5 per cent was not the lowest of the decade.

"It is still higher than the two record lows of 2000-01 and 2002-03. There are signs of upturn and that will take us back to high growth path," Chidambaram said.

The Minister further said: "We should without any reason, denigrate our own performance and record."

"I have no doubt in my mind that we will come out of trough and we will climb back to growth rate of between 6-7 per cent next year and then between 7 and 8 per cent in the year after."

CSO's advance growth estimate of 5 per cent for the current fiscal has evoked sharp reaction from Finance Ministry which said that it has based the projection on data available till November, and ignored the signs of uptrend.

Agencies