He, however, sounded a note of caution for investigative authorities, saying all commercial decisions should not be seen as "motivated or malicious."
"I am confident that the greenshoots that are visible here and there will multiply and that the economy will revive. There will be an upturn in the second half of this year," Chidambaram said in an address to bankers at Bancon 2013.
"It's quite possible that the estimates made by the Reserve Bank or the Prime Minister's Economic Advisory Council or the government about growth being between 5 and 5.5 per cent will be realised," he said.
GDP growth fell to a decade-low of 5 per cent in 2012-13 as investments slowed and factory output decelerated. In the April-June quarter, the growth rate was 4.4 per cent.
Chidambaram said the government will be able to contain the fiscal deficit at 4.8 per cent of GDP and narrow the current account deficit (CAD) to less than USD 56 billion, though inflation continues to be worrisome.
Chidambaram asked the bankers to deal firmly with willful defaulters and support those who are reeling under the impact of the economic slowdown.
"As far as government is concerned, I assure you as long as you take decisions based on facts and circumstances available to you at that time and do it at an appropriate level and an appropriate committee or an appropriate forum and exercise your best judgement, we will defend you and stand by you", he said.
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