Indian economy is job-creating economy: FM

New Delhi, Oct 31: P Chidambaram, the Union Finance Minister on Friday, Oct 31 debunked an ASSOCHAM's forecast that a quarter of people in certain key sectors would lose jobs, saying that jobs would be created not destroyed. ''Ours is a job-creating economy, not a job-destroying economy,'' said Chidambaram told media.

He said that India's economic grwoth declining from nine per cent to seven per cent would only mean that the pace of creating jobs would slow down. ''At seven per cent, fewer jobs will be created than at nine per cent,'' he explained. He said global meltdown would have an impact on the Indian economy but not much as ''our economy is a domestic consumer driven economy''.

On inflation coming down below 11 per cent, he said the measures taken to control prices would have their impact further.

UNI