India sees 9pc growth next year

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NEW DELHI, Nov 18 (AFP): India insisted today its economy would rebound next year from the impact of the global financial crisis, saying it expected to return to "much better growth" of nine per cent.
"What's required now is confidence, courage and taking the steps that are necessary to compensate for the ill-effects of a world slowdown," Finance Minister P Chidambaram told an international business meeting.
"We will be back to a high growth rate (of nine per cent) in the second half of the financial year 2009/10," he said in New Delhi.
"We will bounce back to much better growth rates."
Chidambaram said the lowest official forecast for growth in Asia's third-largest economy was seven per cent for the year to March 2009 which was not "an occasion for wearing sack cloth and ashes" when compared to anaemic growth rates abroad.
India's economy has grown by at least nine per cent for the past three years.