I don't know why does Mr. Chidambaram says this. He said the same thing yesterday also in October last year.
I think he is half true. There are many small nations with double digit growth rate.
According to me at 6 -7 % growth is not the best by which India can maintain the position of second fastest growing economy.
Actually, there were 23 countries whose economies grew faster in 2007, with 19 growing at double-digit rates. Even China, with its 11.4% growth ranked only 12th in the list.
The tiny mountain kingdom of Bhutan was ranked second with a growth rate of 22.4% a little behind the 23.4% recorded by oil and gas-rich Azerbaijan. The third country in the list was not from Asia or Latin America but was Angola, in southern Africa. These three were also the only countries in a list of 200 that registered growth of over 20% in their GDP in 2007.
If one looks at the world's 20 biggest economies, then indeed India has the fastest growth rate, next to China.
India is the second fastest growing economy when compared with G20 list.
Though Mr.Chidambaram is not fully wrong he is partially wrong ?
What is you take on this ?