Finance Minister P Chidambaram said that India has continued to be the second fastest growing economy in the world after China. While addressing a bank function, Chidambaram expressed hope of achieving six per cent growth this fiscal and said that Indian people should not be worried about the current economic slowdown and should take bank loans to invest in the farm, small industries and housing sectors etc.
Expressing confidence on Indian economic recovery, Finance Minister said that the government has planned to open 8,000 new bank branches this year, which would create 50,000 jobs in the country and would also help the economy growth. He also suggested that women should form more self-help groups and obtain loans boldly to start new ventures.
Chidambaram said that presently global economic growth has slowed down therefore India cannot remain unaffected. Indian economic growth fell to decade low of 5 percent for the 2012-13 fiscal on account of poor performance of farm, manufacturing and mining sectors.
Referring to the petroleum product prices, he said that the prices have been going up due to the high price of crude oil touching $108 for a barrel, adding that the price of petrol and diesel would show a declining trend only if crude dropped below $100 a barrel. Presently, India imports over 70 per cent of its oil demand, meanwhile the efforts are on to explore crude and gas in the country.
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