New Delhi, Dec 28: P Chidambaram, the Union Home Minister on Saturday, Dec 27 said that India escaped the global economic crisis due to strong banking institutions and the firm policies the government pursued. The former Finance Minister expressed confidence that India will achieve a target of 9 pc in the second half of next fiscal.
He was addressing the students and staffs of Pondicherry University. He said, "India escaped the impact of the global economic crisis due to its "strong banking institutions and also the firm policies they pursued."
Chidambaram said that ever since the Congress-led UPA government came to power in 2004 and the unique policies it adopted keeping in mind the welfare of people were responsible for the 9 pc growth. He said, "This achievement was not anything magical or accidental, but was a successful accomplishment for the hard work."
Agriculture, service and industrial sectors and certain other areas had made stupendous and impressive progress during the last four years. The human resource, sustained hard work had also been instrumental for the achievement in economic growth, Chidambaram said.
OneIndia News (With inputs from Agencies)