India has world's second fastest growing economy

Despite an economic slowdown, India still remains the second fastest growing economy in the world, India's finance ministry said on Saturday. "Chinese economic growth was at 10 percent, but it has come down to seven percent now. While as Indian growth has decreased from nine percent to just five percent. People should remember India continues to be the second fastest growing economy after China," India's Finance Minister, P Chidambaram was quoted by the media as saying in the southern state of Tamil Nadu during a bank function. The minister said that the whole world was going through an economic slowdown. "When there is slow growth rate in the world, India cannot remain unaffected," he said, adding, "Even European countries had been affected by the economic slowdown." He said many countries like that of Brazil and Mexico were behind India in economic growth. He claimed that the country's growth would reach six percent this year. Asked about the price rise in petroleum products, Chidambaram said it had gone up since the price of crude oil is reaching USD 108 per barrel. "The price of petrol and diesel would show a declining trend only if crude came below USD 100 per barrel, he said. India imports over 70 percent of its crude oil to meet its growing energy demands.