India can log 8 pct economic growth rate, says P Chidambaram at World Economic Forum

Jan 23 2014, 22:03 IST
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'If we avoid some of the mistakes that we have made and if we are decisive.' (AP) 'If we avoid some of the mistakes that we have made and if we are decisive.' (AP)
SummaryP Chidambaram: India must be decisive to boost economic growth rate at World Economic Forum meet.

you my preference," Chidambaram said, sending the audience into peals of laughter.

Asked about BRICS' preparedness to safeguard human rights of people, Chidambaram said that human rights must be respected and any act of violation must be tackled with.

At the same time, denial of drinking water, sanitation, healthcare and food is also human rights violation, he said, while adding that these rights must be protected as well and steps should be taken in this regard.

Asserting that India was very much focussed on protecting human rights of it people, he said that poverty denies the people their human rights and it must be tackled well.

South Africa's Finance Minister Pravin Gordhan said income gap remains a problem in his country as well.

About growth rate, he said that the slower growth seen by South Africa in recent times was not its making. It was a result of problems in global financial centres of the world, he added.

Gordhan also expressed confidence that the country would return to its high-growth path as there were no risks to the economy at the moment. He also added that there were no doubts about upcoming elections as the ruling party was founded by Nelson Mandela.

Russia's Deputy Prime Minister Arkady Dvorkovich said that his country was working to improve business climate and the results would start appearing in some time.

In the session on whether BRICS bloc of countries were facing a midlife crisis, Brazilian Finance Minister Guido Mantega said his nation needs to increase investments that involve innovation, something which China has begun doing.

"I'm sure that China will continue to grow at 7-9 per cent, but it may not go back to 12-13 per cent. India can also grow at six per cent which is still a very good level in terms of global economic growth rates," he said.

Mantega said Brazil has a huge consumer market but the country is lacking credit to activate this model. "That's why the government is encouraging investments," he added.

Liu Mingkang, Distinguished Fellow from Hong Kong-based Fung Global Institute, said China's concern right now is about its falling rate of growth.

"From more than 10 per cent a year ago to 9 per cent and now about 7 per cent. This coming year we may be slowing a bit more. This is a fact. But people in China have reached a conclusion that there are projects that are not economically viable and the income streams need

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