He also said India has emerged as the world's third-largest economy in terms of purchasing power parity (PPP) and accordingly, policies should be fashioned keeping in mind that the country is a large economy and not small.
India has displaced Japan to become the third-biggest economy in terms of PPP, after the US and China.
The minister said the UPA government is making all efforts to put India back on the high-growth path.
“People are not accepting lower growth of 5 per cent.
I share the concern of the people, but these are the realities of the global economic situation, which is why we have to redouble our efforts to communicate to the people that we are doing much better than 170 countries of the world,” he said.
