Finance Ministry says that economy is likely to clock 8.75 percent growth this fiscal, if global recovery is on track. The Chief Economic Adviser to the Finance Ministry, Mr. Kaushik Basu said that 8.8 per cent growth in the first quarter is encouraging but the second quarter may be difficult. He, however, expressed confidence that the third quarter will register a growth of over 9 per cent. This, he attributed to the better agricultural performance following good monsoon. Mr. Basu said that the shortage of power and road connectivity are the biggest bottlenecks for the industrial development. He said with the completion of golden quadrilateral and industrial corridor, the growth trajectory will be on higher pedestal. About the diamond corridor projects, he said it will be an extension of Mumbai-Delhi corridor connecting metropolitan cities like Chennai to Kolkota. He said this will spark of demand for labour and growth all over. Mr. Basu called for developing small industries in villages and towns to raise the standard of about 58 per cent of population living in rural areas. This he said will also address the issue of employment in the rural areas. He said private investment is important for the development of infrastructure but for this conducive atmosphere has to be created.