Finance minister P Chidambaram has said he is hopeful of achieving 20 to 60 per cent savings on subsidies a year, through better distribution under the new direct benefit transfer (DBT) scheme. He said this in an interaction with investors at a conference in London on Wednesday. The Finance Minister said that the subsidy on diesel, which accounts for 60 per cent of the total fuel subsidy bill, will be phased out in two years.From the start of this month, the Aadhaar-enabled DBT has been under implementation in 20 districts of the country for disbursal of various doles/entitlements like old-age and widow pension schemes, student scholarships and payments under the employment guarantee scheme.Subsidies including the three explicit ones on food, fertiliser and fuel will also be distributed to the beneficiaries through the Aadhaar-enabled DBT in coming months.The Finance Minister also said to the investors that there was no ground for a rating downgrade for the Indian economy, and that GDP growth will return to 8 per cent level in 2014-15. He expressed confidence that the pending Bills on the pension and insurance sectors would be passed in the budget session of Parliament in February. Mr. Chidambaram said, he hope implementation of the goods and services tax (GST) by the end of 2013 and the Direct Taxes Code by August 2013.