PTI

New Delhi, Dec 1: Home minister P Chidambaram on Monday expressed confidence that the economy would register a very satisfactory growth, although there may be a temporary slowdown.

"We will have a reasonable growth rate... inflation will moderate and growth rate would be very satisfactory," he told reporters as he wound up work in the Finance Ministry before moving to the other part of North Block as Home Minister.

"In the case of India it will only amount to slowdown and not recession," said Chidambaram, while expressing confidence that the economy would notch up 7-8% growth rate in the current fiscal.

Chidambaram was on Sunday appointed home minister and the finance portfolio would be looked after by the Prime Minister.

"The Prime Minister can handle this Finance portfolio far better than anyone else and I am confident that the people of this country when they look back at five years of UPA rule will applaud its economic performance under the guidance of Prime Minister Manmohan Singh," he said.