Union Finance Minister P Chidambaram on Saturday said the government is confident that an economic growth of around 5.5 percent will be achieved in the fiscal year 2012-13.
"The economy is challenged but we will come out of it successfully to the high growth path," Chidambaram told media here.
"We believe growth will be closer to 5.5 percent rather than CSO (Central Statistics Office)'s estimate of 5 percent," the Finance Minister said.
"I have no doubt in my mind that we will come out of trough and we will climb back to growth rate of between 6 and 7 per cent next year and then between 7 and 8 per cent in the year after," he said.
Chidambaram made the remarks after launching the Rajiv Gandhi Equity Savings Scheme (RGESS) here.