Finance Minister P Chidambaram today said India remained one of the fast growing large economies of the world and, as the global economy recovers and as the government’s new measures take effect, it would get back, step by step, to the high growth path within three years.
In his valedictory address at Petrotech 2014, an international oil and gas conference and exhibition at Greater Noida near here, he said the Government was acutely aware that growth could be secured only on a strong financial foundation.
“We are aware of the need to raise adequate resources, expend them wisely, and remain within prudent fiscal limits. On more than one occasion I have reiterated our unflinching commitment to contain the fiscal deficit to 4.8 percent of GDP in the current year, and I do so again today. We will then reduce it by 0.6 percent every year until we reach the target of 3 percent in 2016-17,” he said. Read More