Finance minister P Chidambaram yesterday said said that India can still end the current year with a growth rate of 8 per cent despite the financial turmoil across the world.

The finance minister's remarks came despite the pessimism of the falling stock markets across the globe amidst concerns over business and industrial growth at NDTV Business Leader of the Year Awards Function in New Delhi at which railway minister  Laloo Prasad Yadav,  Mukesh Ambani, chairman Reliance Industries, R S Sharma, chairman, ONGC, and others were feted.

Addressing the gathering, Chidambaram said, ''There is a storm blowing across the world. India will be affected to some extent, although indirectly, but Indian business and industry have placed India in a situation where we can weather the storm.

Chidambaram said the country's regulators had "shown great agility", referring to the SEBI move to ease P-Notes quickly followed by the RBI reducing the CRR to 8.5 per cent.

"Going forward, we can still end this year with a growth rate of 8 per cent. I am confident that in 2009-10, the growth rate will bounce back to 9 per cent," he said citing the estimated cumulative investment of various businesses at the end of June 2008 being Rs6,677,278 crore as against Rs4,458,840 crore at the end of June 2007.

"The most important number is the cumulative investment proposed by Indian industry and business," he said. "In the first quarter of the current year, new investments amounted to Rs514,266 crore. In July 2008, there was a further investment of Rs2.13 lakh crore and in August 2008 there was an investment of Rs1.32 lakh crore."

"There are number of positive signals.

"Indirect tax collections are on target at a little over 14 per cent for the period up to July 2008. During the period April-September, 2008, personal income tax collection has grown by 23.4 per cent. Corporate tax collection has grown by 35.3 per cent.

"Earlier this year there were apprehensions about exports. During the period April-August, 2008, exports have increased, in dollar terms, by 35.1 per cent and imports have increased, in dollar terms, by 37.7 per cent.

"Many sectors have shown impressive growth. During April-July, 2008, coal production has registered a growth rate of 7.7 per cent as against 0.6 per cent last year. Mining has grown by 4.5 per cent as against 2.7 per cent. The automobile sector has witnessed a growth rate of 12.8 per cent as against 0.4 per cent. Chemicals and chemical products have grown by 9.6 per cent as against 9.1 per cent.

"In the first quarter, the construction sector has recorded a growth of 11.4 per cent as against 7.7 per cent in the first quarter of 2007-08.

"Railway revenue earning traffic has shown an increase of 9.4 per cent as against 6.1 per cent last year.

"You heard a few chairpersons of banks speak about the health of the Indian banking system. The lowest capital adequacy ratio in any of our banks is a little over 10 per cent. The highest capital adequacy ratio for a bank is 13.65 per cent. At the end of June, 2008, gross NPAs are at 2.11 per cent and net NPAs at a historic low of 0.93 per cent. During the period April to June, 2008, bank deposits have increased, year-on-year, by 23.87 per cent. Advances have increased, year-on-year, by 28.42 per cent. Time deposits, during the period April to September 12, 2008 have increased by 9.0 per cent.

"The most important number is the cumulative investment proposed by Indian industry and business. For the period ending June, 2008, cumulative investment is estimated at Rs.66,77,278 crore as against the end of June, 2007 figure of Rs.44,58,840 crore. In the first quarter of the current year, new investments amounted to Rs.5,14,266 crore. In July, 2008, there was a further investment of Rs.2.18 lakh crore and in August, 2008, there was an investment of Rs.1.32 lakh crore.

"Huge capacities are being added in power, steel, commercial vehicles, passenger cars and two wheelers.

"What is there to fear? There is nothing to fear but fear itself.

"I want you to be confident and optimistic. We will remain vigilant and move with the speed and agility according to the demands of the situation. I know that you have the capacity to make India stronger and all Indians prouder. Once again, I offer you my congratulations and wish you the very best.''