India's economic growth remained flat in the first quarter of the fiscal year ending in March, 2014, but it is likely to pick up in the remaining three quarters, Finance Minister P. Chidambaram said on Thursday.
"We are in better health than many other countries in the world," he told a news conference. "Therefore there is no reason for excessive or unwarranted pessimism."
Chidambaram said recent measures taken by the Reserve Bank of India were aimed at reducing volatility in the financial market, where the rupee has dropped to record lows. He added that the government had no intention of introducing capital controls to halt a continued fall of the rupee.