Chidambaram said while the 5.5 per cent growth rate is

"satisfactory", for India a 8 per cent growth rate is imperative to generate jobs to provide employment to young people. "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. 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. The Minister 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.