In a bid to allay fears of the slow growth rate, the Indian government on Saturday said that this country still continued to be the world’s second fastest growing economy.

“People should remember India continues to be the second fastest growing economy after China. Our growth has slid to five percent from nine percent,” the country’s Finance Minister P. Chidambaram said in the southern Indian state of Tamil Nadu.

“Economic slowdown is there in all the countries. When there is slow growth rate in the world, India cannot remain unaffected,” he added.

“People should be confident, self-confident and take bank loan to invest in farm sector, small industries, housing, etc.. You should hope for bright tomorrow, and not worry about the slowdown, ” said the minister, estimating six percent growth rate this financial year.