India registered growth despite eurozone crisis, claims Chidambaram

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Union Home Minister P. Chidambaram on Tuesday said that India has achieved the fastest growth after China amid global financial meltdown.

"We still remain one of the fastest growing economies of the world despite the eurozone crisis which is a deeper crisis than the 2008 global financial meltdown," Chidambaram told media here.

"The first two years of UPA-II registered satisfactory growth before the eurozone crisis hits us. The Eurozone crisis was a worse crisis than the global financial crisis," he added.

Expressing confidence that the country will continue to be one of the fastest growing economies of the world, Chidambaram said India registered 6.7 per cent financial growth in 2011-12.

He further agreed that problems of inflation, revenue growth etc have deterred the growth path but the country was still able to maintain momentum.

"Measures have been taken and are being taken; we are confident that we will get out of the crisis and return to high growth path," he added.