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The finance minister said: “We are going through a period of stress; we are confident of coming out of it and returning to high growth path” at the India Economic Conclave in New Delhi.
“India will get back to the high growth path of eight per cent,” added Chidambaram.
He also said the global perception about India, including its tax policies and tax administration has changed.
However, Chidambaram stated that there were no quick fixes for inflation and it would take some time to fix issues.
Economic growth will climb to six per cent in 2014-15 and seven per cent in 2015-16, said the finance minister.
He also said he would take steps to liberalise the capital market and financial sector, and unblock projects in the next five months.
“What happens in India is to be seen in the context of global economy, if we take right decisions, have patience, results will follow.”
India’s second quarter GDP data is due later in the day.