Finance Minister P Chidambaram has asserted that India's economic growth is likely to recover and achieve 6 percent growth level in FY15 on the back of sound economic policies and a pick-up in investment. Chidambaram added that if the new government formed after the general election will follow sound policies and the 10-point agenda outlined in the interim Budget, Indian economic growth in current fiscal would be better than previous fiscal. Chidambaram’s statement came a day after Prime Minister Manmohan Singh was told in the internal Planning Commission meeting that Indian economy was in a fragile situation and there were no major signs of recovery.
Chidambaram further asserted that India's economy is expanding at a faster pace as compared to the other countries and has emerged as the world's third-largest economy in terms of purchasing power parity (PPP). However, Finance Minister mentioned that weak international situation will remain a concern to Indian economic growth. Blaming the global factor for current economic slowdown, Chidambaram further said that India's economic expansion was adversely impacted by the global economic slowdown. Though, the government has taken various measures to boost the economic growth.
At present, Indian economy is struggling with slowdown and its growth has slowed down to a decade low at 4.5 percent in FY13 and 4.6 percent during the first three quarter of FY14. The Central Statistics Office (CSO) has expected that Indian economy to grow at 4.9 percent in FY14.