Growth rate to be 9% in FY 08

New Delhi, Dec 31 (UNI) Finance Minister P Chidambaram today exuded confidence that fiscal 2007-08 will end with a growth rate close to 9 per cent and expressed hope that the next year will clock a similar high growth, thanks to copious investment flows.

''I have not changed my forcast for 2007-08. The year will end close to 9 per cent and next year too should end with a growth rate of 9 per cent,'' Mr Chidambaram told reporters on the sidelines of a function here.

Mr Chidambaram noted that the average of the last three years recorded a growth rate of 8.6 per cent and saw no reason why the splendid growth performance should not be repeated in the current year.

The Finance Minister said the growth momentum will be maintained this year and next year due to continous flow of investments, which are at a record high of 35 per cent of GDP.

Mr Chidambaram said outlays will be increased for various sectors, but it was equally important to have high outcomes. This would require sustained hardwork on the part of farmers, business community and government- both Center and States.

UNI