Finance Minister P.Chidambaram has said that the Indian economy will clock five percent growth during the current financial year despite sluggish growth in the world economy. He said the fundamentals of the Indian economy are strong and the government is focussing on financial sector reforms. The Finance Minister was speaking at the 4th India-South Korea Finance Ministers meeting in New Delhi today. He said there is a lot of scope for enhancing cooperation in trade and commerce between India and Korea. He called for taking initiatives in knowledge sharing, infrastructure financing and public-private participation. Noting that the lending capacity of multilateral organisations like World Bank and Asian Development Bank, ADB are shrinking, Mr. Chidambaram stressed on adding more resources so that they can lend more to developing economies.