In his
Budget 2013-14 speech, Finance Minister P Chidambaram said that the Indian economy cannot remain immune to what is happening in the rest of the world.
He stated that global growth has slowed to 3.2 per cent in FY12 from 3.9 per cent a year earlier.
In the backdrop of a declining global growth, getting Indian economy back on the high growth path remains a challenge, he said, adding that imports and exports remain a big chunk of India's GDP.
Chidambaram mentioned that among the major economies of the world only China and Indonesia have been able to grow at a faster rate than India.
The finance minister however was optimistic that India can get back to a higher growth path.
The Central Statistical Organisation has projected a growth rate of around 5 per cent in the current fiscal.
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