CSO’s 5% growth estimate projected on dated data: FM
He said that a 7 per cent growth rate is imperative to maintain the existing levels of employment and a 8 per cent growth rate is imperative to absorb jobseekers. The minister said that the measures taken by the government in the last 3-4 months and the ones that they plan to implement in coming months will put India back on the 8 per cent growth path.
“It is possible to get back to that growth path provided we follow prudent and sound policies, invest in our economy, stimulate demand, encourage entrepreneurship and risk taking and grow the economy at a pace and a rate which is imperative to the welfare of Indian people,” Chidambaram said.
He even called for Indian investors and companies to rediscover faith in the economy while saying that in his meetings with investors overseas he figured out that they have greater faith in the Indian economy. He said foreign companies are willing to explore opportunities to invest in India even as Indian companies are looking for opportunities to invest abroad.
“I think we need to rediscover faith in our own economy. We can do the magic of 2004-2008 when the economy grew at an average of 8.5 per cent,” he said.