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Confident of achieving 5 to 5.5 per cent growth in the current fiscal, Finance Minister P Chidambaram today said the green shoots are visible and measures taken by the government will help the economy achieve the potential growth rate of 8 per cent.
Addressing bankers and economists at Bancon 2013, a flagship event of the Indian Banks’ Association, Chidambaram told the lenders to deal firmly with wilful defaulters, but handhold those who are reeling under the impact of the economic slowdown.
The Minister asked the bankers not to desist from taking decisions and promised to defend them in case of bonafide decisions going wrong.
Inflation, especially the food prices, he added, has continued to remain a challenge for the government.
Referring to the state of economy, Chidambaram said, “the green shoots that are visible here and there, will multiply and the economy will revive. There will be an upturn in the second half of this year and it is quite possible that the estimates made by the Reserve Bank or the PMEAC or the government of growth between 5-5.5 per cent will be realised.”
The economic growth rate slipped to decade’s low of 5 per cent in 2012-13 and during the first quarter of current fiscal it stood at 4.4 per cent.
The growth figures for the second quarter are scheduled to be announced on November 29.
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