Chidambaram said India is still the fastest growing

economy in the world after China, Philippines and Indonesia. He said while the 5.5 per cent growth rate is "satisfactory", but for India a 8 per cent growth rate is imperative. "The measures that we have taken... And will take in the coming days will put India to 8 per cent path," he said, adding that upturn has started. CSO's estimate of 5 per cent growth is rather based on 'dated data', Chidambaram said, adding that "in the second half (of current fiscal) there are indications of green shoots in the economy". The Indian economy grew by 5.4 per cent in the first half of the current fiscal. "Economy is indeed challenged. But I am confident that we will come out of the trough and we will climb back to high growth path," he said. Chidambaram said the high growth path can be achieved with prudent and sound policy. "We can recapture the magic of 2004-08. The average growth was 8.5 per cent during that period," he said while launching the MCX-SX. Chidambaram also said while 5 per cent growth rate of CSO is low and is a matter of concern, it is not the lowest growth in the decade. It is still higher than record low seen in 2000-01 and 2002-03, he said.