NEW DELHI, Nov 24: India is committed to sustain an annual economic growth rate of seven per cent and accelerating it to eight per cent of GDP by the turn of the century, the Union Finance Minister said here today."We are under process of amending laws which had outlived their utility and the ongoing policies for our transformation would cover a wide spectrum, ranging from institutional changes in local self government to reforms of rural credit system," P Chidambaram said in a seminar on "Emerging Asia".Stating that India's saving rate crossed 26 per cent of GDP, Chidambaram said the household saving rates were broadly comparable to East Asian levels "which is remarkable, given the difference in per capita incomes."Chidambaram stressed on a "fine balance" between liberalisation on the one hand and regulation on the other and said the same principle applies in the context of introducing capital account convertibility.Stating that too much liberalisation can result in a collapse of weak domestic units in the face of competition, he said too much regulation on the other hand can lead to inefficiencies.The Finance Minister expressed confidence about the Asian economies bouncing back following an "inevitable" period of adjustment and restructuring.
