More Reforms Soon to Spur Growth: FM
Finance Minister P Chidambaram on Friday expressed confidence that India will clock 6 per cent growth next year and said that the government will soon liberalise capital markets and the financial sector to help the economy bounce back and return to high growth trajectory.
“There are whole series of things across the spectrum that needs to be done and we will do it, just as we have done something every day for last 16 months,” he said at the India Economic Conclave organised by private news channel.
The Finance Minister said liberalising natural gas prices and providing fast-track clearance to projects facing impediments were high on government’s priority.
The Indian economy was going through stress like the other economies world over, the Finance Minister said, adding economic growth will begin to pick up from next fiscal, rising to 8 per cent in two years time.
“In 2014-15, our growth will be close to 6 per cent. In 2015-16, it will be close to 7 per cent and a year after we will be back to high growth rate of 8 per cent,” he added.
The Indian economy grew at a decade’s low rate of 5 per cent in 2012-13. In the first quarter of current fiscal the growth was at a four year low of 4.4 per cent.