Chidambaram confident of good growth despite slowdown

New Delhi, Dec 1 (PTI) Indian Home Minister P Chidambaram
Monday expressed confidence that the economy would register a
very satisfactory growth, although there may be a temporary
slowdown.

"We will have a reasonable growth rate... inflation will
moderate and growth rate would be very satisfactory," he told
reporters as he wound up work in the Finance Ministry before
moving to the other part of North Block (which houses the
Ministry offices) as Home Minister.

"In the case of India it will only amount to slowdown and
not recession," said Chidambaram, while expressing confidence
that the economy would notch up 7-8 percent growth rate in
the current fiscal.

Chidambaram was Sunday appointed India's Home Minister
and the Finance portfolio would be looked after by Prime
Minister of India Manmohan Singh.

"The Prime Minister can handle this Finance portfolio far
better than anyone else and I am confident that the people of
this country when they look back at five years of UPA rule
will applaud its economic performance under the guidance of
Prime Minister Manmohan Singh," he said.

Chidambaram said that under the able leadership of the
Prime Minister there would be close coordination between the
Union Finance Ministry and Reserve Bank of India (RBI).

Over the last few months in office, Chidambaram's top
agenda has been to tackle inflation and initiate steps for
stimulating growth.

"There is unfinished work in this ministry too especially
in this difficult year," he said.

However, as a member of the Cabinet, he would continue to
be deeply engaged in matters that come before the Cabinet.

About his shift to the Home Ministry, he said: "In life,
one must take whatever duties entrusted to one and discharge
it. It is in that spirit I leave behind this ministry."

On his appointment itself, he said the final call was
taken by "the Congress President and the Prime Minister and I
answered the call of duty."

He told reporters that he enjoyed working with all of
them, since he always followed the principle that there were
times when one must speak and there were times when one must
observe reticence. "Whenever I felt silence and reticence is
the better course, I observed it."

In this age and time and given the size of India's
complexities, he said it was better to communicate through the
media and explain government's position. PTI