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 per cent 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.

Chidambaram said that under the able leadership of the Prime Minister there would be close coordination between the Finance Ministry and RBI.

Over the last few months in office, Chidambaram's top agenda has been to tackle inflation and initiate steps for stimulating growth.

"There is unfinished work in this ministry too especially in this difficult year," he said.

However, as a member of the Cabinet, he would continue to be deeply engaged in matters that come before the Cabinet.

About his shift to the Home Ministry, he said: "In life, one must take whatever duties entrusted to one and discharge it. It is in that spirit I leave behind this ministry."

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