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Wednesday, 9 July 2008

FM. Mr. P.Chidambaram: Economy will bounce back

Asserting that economy would bounce back, Finance Minister P Chidambaram on Wednesday said "right attitude and patience" could help the country face the problems like soaring inflation.

"Fast growing economies (like India) will face such problems. But the right attitude, patience and grit can help us not only face the problem but also tackle it," he said after laying foundation stone for Indian Bank's new head office here.

"We came out of crises like the 1997-98 Asian financial crisis and the 1989-90 foreign exchange reserve crisis. Can't we come out of the present situation?" he said.

India had bailed itself out of other crises like the "first oil shock in 1973" and the 24 per cent inflation rate in 1979-80, he said.

Thanks: ET

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