Indian Economy on road to recovery: Chidambaram

Union Finance Minister, P Chidambaram on Tuesday said that the growth pace of the India's economy would pick up pace in 2013-14, but only if the global economic gloom lifts.Chidambaram, who is visiting Tokyo to promote India as an investment destination, said that growth in Asia's third-largest economy was expected to accelerate in the current fiscal year to March 2014. Chidambaram also said that the Indian economy was capable of absorbing $50 billion in Foreign Direct Investment per year, adding that the government is committed to reforms to tackle a large current account deficit.