August 27, 2013 / 12:19 PM / 4 years ago

India can't afford to grow at less than 8 pct: Chidambaram

Finance Minister Palaniappan Chidambaram waits for the arrival of Japan's Prime Minister Shinzo Abe before their meeting at Abe's official residence in Tokyo April 1, 2013. REUTERS/Issei Kato/Files

NEW DELHI (Reuters) - India cannot afford to grow at less than 8 percent per year and needs more reforms to revive growth, Finance Minister P. Chidambaram told parliament on Tuesday during a debate on the state of the country’s economy.

Asia’s third-largest economy has struggled to lift itself out the worst economic slump in a decade. The government is trying to introduce a slew of reforms, including freeing up foreign investment in the insurance, pension and defence sectors, and simplifying tax laws to spur investment.

Reporting by Manoj Kumar; Editing by Subhranshu Sahu

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