New Delhi: Despite the global slowdown, the Indian economy has been growing at a very robust rate. The economy grew at 9.6 per cent in 2007 as against 9.4 per cent in the previous year.
Strong growth in mining, manufacturing and services sectors, helped to offset the slower growth in agriculture. Per capita income also grew by 14 per cent during this period.
Commenting on the stronger than expected growth, the Finance Minister has said growth in FY08 is seen close to 9 per cent.
Chidambaram said that Foreign Direct Investment (FDI) has played a key role in the investment boom.
However he cautioned that the current global uncertainty especially in the US may call for rapid policy changes.
"My goal is to continue to maintain the same level of growth but at the same time government reserves the right to make rapid adjustments depending upon evolving global economic situation," PTI quoted Chidambaram as saying.
"We are not making policies and we are not taking administrative steps in a vacuum. We are doing so where there is heightened uncertainty and we are making rapid adjustments. "We are confident that if keep firm hands on the wheel, the Indian economy will sail through turbulent waters. We are maintaining a balance between growth and inflation," he added.
Inflation is still below four per cent and growth is well above eight per cent, he added. Government would also appoint two Additional Solicitor General's exclusively to deal with direct and indirect tax cases in the Supreme Court and High Courts across the country, the Minister said.
M Chandrashekharan will be the new ASG for dealing with indirect tax cases while Parag Tripathi will deal with direct tax cases, he added.
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