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Indian Government says economy is bouncing back

India’s economy will rebound to pre-financial crisis growth levels of 9 percent in two years, the Government said on Thursday, and could become the world’s fastest expanding in four years.

A Finance Ministry report, unveiled a day ahead of the budget, said the upturn gives the government room to start a "gradual rollback" of USD162 billion in stimulus put in place to shield the economy from the global slump.

India’s economy was one of the least hit by the global crisis and has been "one of the growth engines, along with China, in facilitating faster turnaround of the global economy," the annual Economic Survey added.