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Economy to grow at five pct in fiscal 2013-14: Chidambaram

New Delhi, Jan.8 (ANI): Finance Minister P.Chidambaram said on Wednesday that the Indian economy will clock a growth of five percent during fiscal 2013-14 despite a sluggish growth in the world economy.

Speaking at the fourth India-South Korea Finance Ministers meeting here, Chidambaram said the fundamentals of the Indian economy are strong and added that the government is focussing on financial sector reforms.

He also said there is a lot of scope for enhancing cooperation in trade and commerce between India and Korea.

Chidambaram called for taking initiatives in knowledge sharing, infrastructure financing and public-private participation.

Noting that the lending capacity of multilateral organisations like the World Bank and the Asian Development Bank are shrinking, the finance minister said there was a need for adding more resources so that these global financial institutions could extend more loans to developing economies. (ANI)