Mr Mukherjee added he is confident that the strong fundamentals of Indian economy will help India return to a sustained growth path of 8 to 10 per cent per annum in the coming years.

Finance Minister Pranab Mukherjee on Friday assured the global financial community of reverting the Indian economy to recovery path by creating conditions for revival of private investment. Speaking at the ADB Governor’s business session in Manila, Mr Mukherjee said for the current fiscal year, the government has set its objectives to focus on recovering its pre-crisis growth momentum and create conditions for rapid revival of high growth in private investment.

It said the objectives also include addressing supply bottlenecks in agriculture, energy and transport sectors. The Finance Minister said despite adverse international environment, India managed to maintain GDP growth rate of about 7 per cent in 2011-12. Mr Mukherjee added he is confident that the strong fundamentals of Indian economy will help India return to a sustained growth path of 8 to 10 per cent per annum in the coming years.

He further said India's banking has remained robust and the regulatory environment and environment in the financial sector have stood test of time.