GDP

New Delhi: Exuding confidence that India will be able to weather the global financial storm, Finance Minister P Chidambaram has said that economic growth rate will bounce back to nine per cent in the next financial year from a likely eight per cent in 2008-09. Admitting that the "storm" in the global economy will have an "indirect effect" on the Indian economy, he said, "We can still end this year with a growth rate of 8 per cent. I am confident that in 2009-10, the growth rate will bounce back to 9 per cent."

Chidambaram further said, "There is of course a storm blowing across the world. That storm will indeed have some effect upon India -- largely indirect... While we will be vigilant and agile, we must be confident that our future is secure, bright." Saying that India was taking advantage of 17 years of liberalisation, Chidambaram said that the country would record a growth rate of over 8 per cent this fiscal and bounce back to 9 per cent in 2009-10.

"There is nothing to fear but the fear itself. We are a vigilant government, we are an agile regulator. We will stand by you," he said commenting on the concern over global financial crisis. Referring to the growth in various sectors of economy, he said that indirect tax revenue is on target growing over 14 per cent. (PTI)